Mar. 30, 2023
Dear Chairman Gensler, I am writing to express my deep concern about the practices of certain market participants that have negatively impacted my financial and mental wellbeing. As an individual investor, I have felt the effects of market fragmentation, lack of transparency, and conflicts of interest in the securities markets. Over the past year, I have been following the SEC's efforts to improve market structure and protect individual investors, and I am grateful for the recent proposals on File Nos. S7-30-22, S7-31-22, S7-32-22, and S7-29-22. These proposed rules would increase transparency, promote fair competition, and ensure that brokers act in the best interests of their clients. I support these proposals and urge the SEC to implement them as soon as possible. In particular, I strongly support the proposed rule that requires Citadel to go through public auctions to fill orders and ban payment for order flow in US markets. Citadel's practice of routing customer orders to internalizers and receiving payments for those orders has created a conflict of interest that has harmed individual investors. I have personally experienced the negative effects of this practice, as I have seen my trades executed at prices that are not optimal and have paid fees that are not transparent. Additionally, I support the proposed tick size regime, variable minimum pricing increment model, and reduced access fee caps. These measures would promote fair and transparent pricing and increase efficiency in the markets. I also support the proposed Regulation Best Execution, which would ensure that brokers act in the best interests of their clients and provide transparency on their revenue arrangements. Furthermore, I believe that Alternative Trading Systems (ATS) should be required to disclose detailed information on their operations, conflicts of interest, and customer order handling. ATS should have policies to prevent fraudulent and manipulative practices and provide data on the execution of orders, order routing practices, and use of dark pools to the SEC. ATS should operate consistently with the broader regulatory structure of securities markets. The practices of certain market participants have affected me on a personal level, and I urge the SEC to prioritize creating a competitive market structure that benefits everyday investors and encourages transparency. Thank you for your attention to these important issues. Sincerely, Brad Go