Mar. 31, 2023
I am writing to express my support for the recent rule proposed by the SEC that aims to bring more transparency and fairness to the American markets. However, I believe that the effectiveness of the rule will largely depend on the enforcement that backs it. Therefore, I urge the SEC to impose higher fines that serve as a significant deterrent and to consider revoking licenses for broker-dealers who engage in dishonest practices. As an investor, I deeply appreciate any efforts to reduce the speed games that damage the integrity, credibility, and functioning of the markets. I also support the Commission's initiatives to reduce the 'farming' of individuals' orders for rebate money and address the unfair advantage granted to certain market participants through complex routing systems. I believe that such measures will promote fair competition, which is essential for the protection of investors and the maintenance of fair and orderly markets. I am particularly concerned about the monopolistic behavior observed in the current market. The fact that a small group of six off-exchange dealers captures 90% of marketable orders of individual investors in NMS stocks, and 66% is captured by just two firms, indicates that the American markets are not competitive enough. Therefore, I welcome the SEC's efforts to promote fair competition and believe that the proposed rule is an important step in that direction. I strongly oppose the involvement of wholesalers in the market, given their long record of flouting the law and clear conflicts of interest. I would gladly pay more per share to avoid being routed through a wholesaler, and I believe that the money saved by removing these profiteering middlemen could go to citizens and pension funds instead of Wall Street's billionaires. In conclusion, I fully support the SEC's proposed rule and urge the Commission to ensure its effectiveness through strong enforcement. I believe that the proposed rule will promote fair competition, transparency, and fairness in the American markets, which is in the best interest of investors and the overall economy. Thank you for your attention to this matter. Andrew Buck