Apr. 01, 2023
To whom it may concern, As a concerned citizen and an investor, I strongly support the proposed tick size regime. It is crucial to promote transparency and fairness in the market, and the tick size regime is a step in the right direction. I urge you to use clear and unambiguous language in the rule structure to avoid any confusion or litigation. I believe that allowing rebates and other inducements in the marketplace creates an unfair advantage for some participants. Instead, I recommend establishing a zero or very low fee structure to eliminate the potential for trading for the sake of volume. It is essential to ensure that the market operates on a level playing field, and this can be achieved by removing any incentives that may influence trading behavior. I also support the implementation of a variable minimum pricing increment model that applies to both quoting and trading of NMS stocks. This will promote fair and transparent pricing across trading venues, which is crucial for investor confidence and trust. While reducing the access fee caps is a positive step, completely eliminating exchange rebates would further enhance transparency and fairness in the market. We need to take every possible step to ensure that the market is free from any unfair practices that could erode public trust. I also urge you to accelerate the implementation of the revised round lot definition and odd lot dissemination on the SIP. This will enhance reporting efficiency and reduce delays, which is necessary to promote transparency and fair play in the market. Finally, I cannot emphasize enough the importance of taking these steps to regain public confidence and trust in the market, particularly in light of recent events like the GameStop controversy. The public deserves to have confidence in the fairness and transparency of the market, and I believe that the proposed measures will help to achieve this. Thank you for considering my views on this important matter. Sincerely, CM