Mar. 27, 2023
I am in agreement for these regulations as a retail investor. Payment for order flow has been used for years in conjunction with high frequency trading to “jump the line” in trades and for all intents and purposes skim profit from myself and all others trading on the exchanges. The argument that this creates liquidity and helps me is nonsense, in effect this is stealing from me by taking part of my profit with every transaction, and is not in my best interests. Brokers are not helping me by selling my order flow information for a profit, and this is basically another form of insider trading at high speeds, and needs to be stopped. The playing field needs to be leveled, not weighted in the favor of hedge funds, market makers, and investment banks at my expense. And the excessive off exchange trading needs to be stopped as well. This inhibits proper price discovery, which is the result of supply and demand, and no market maker or banks, or brokers should be internalizing trades that “they don’t like” behind the lie of “liquidity”. Several illegal actions are being performed in off exchange trading daily, and these practices must be stopped, and proper price discovery allowed, in order to have an actual healthy market, and not a Ponzi scheme maintained by those without ethics. I want my orders to be placed within the lot exchanges, where I will receive actual price discovery, and not placed within an area not monitored properly, where high frequency trading can be used to lessen my profits. It is the sec’s job to regulate on the behalf of everyone, not just the select few, and the current system does not help any regulating body to do their jobs properly at all. We do not need more disasters in the stock market due to fraud, insider manipulation, or self regulating entities withholding information. The tax payer, myself included, are tired of bailing out banks and wall st for their greedy, stupid derivatives, and their lack of self control in the pursuit of profits at my expense. If the sec spent more of their time pursuing the real threats to a fair market, which are investment banks, brokers that sell payment for order flow as a way to do business, and those who manipulate stocks in off exchange “dark pools” and less condemning crypto, people wouldn’t see crypto as a safe haven. In short, I personally do not care what market makers such as citadel or virtu think about my well being as an investor, as their track record of fines and wrongdoing at my expense is well documented. I can make my own investment decisions, and trust proper price discovery on the lot exchanges, and live with my own profits and losses, without the blatant skimming and actions being taken that are not to my benefit. Please I sure these rules pass, but more importantly once they do ENFORCE them. Wall st self regulating themselves is a joke, ans will only end up harming this countries economy, as well as pension plans and Individual investors. Give people trying to make a better life for themselves a fighting chance against these vultures. Thank you, Roger Cryer Sent from my iPhone