Mar. 31, 2023
Dear Reviewer, I am in favour proposed rule to equalise tick sizes across all exchanges. All exchanges should have to quote AND trade in the same increments. Otherwise playing ground is not level and some participants have an advantage. This is not how free and democratic markets should operate. The markets are supposed to be fair - so make them fair. I support the tick size regime proposed by the Commission, and would also support any structure that is clear and does not rely on vague language. For example, some funds and firms might request language like "has a reasonable amount of liquidity at the NBBO", which translates to "I can ignore the rule if I feel my lawyers can help me get away with it". Loose language makes enforcement difficult or impossible, and wastes taxpayer dollars on needless litigation time. Clear language and a clear and unambiguous tick size rule structure are strongly preferred. Please do not include vague language in the application of your rules. Kind regards, WT