Mar. 30, 2023
Strongly support proposed tick size regime and clear language to avoid confusion/litigation. Establish zero or very low fee structure to eliminate trading for volume. Implement variable minimum pricing increment model for fair and transparent pricing. Reduce access fee caps and eliminate exchange rebates for enhanced transparency/fairness. Accelerate implementation of revised round lot definition/odd lot dissemination for efficiency. Enforcement matters - want higher fines/penalties. Investors willing to pay more to avoid being routed through wholesalers with bad records. Support harmonisation of tick sizes across all exchanges, no exceptions. Broad definition of tick-constrained and inclusion of odd-lot information in SIP. Dislike rebates and other inducements in marketplace, prefer fees reduced to zero. Odd-lots should impact NBBO for greater impact on price/broker's duty of best execution.