Mar. 31, 2023
Dear SEC, I am writing to express my strong support for the proposed tick size regime, which I believe will promote fairness and transparency in the securities market. As a household investor, it is essential that I have confidence in the integrity of the market and that all participants are operating on a level playing field. I would like to recommend that the rule structure includes clear and unambiguous language to avoid any confusion or potential litigation. It is essential that everyone understands the rules and operates within them to ensure that the market is fair and transparent for all investors. Instead of allowing rebates and other inducements in the marketplace, I would like to suggest that a zero or very low fee structure is established to eliminate the potential for trading for the sake of volume. This will help to ensure that trading is based on value and not just incentives. I also believe that a variable minimum pricing increment model that applies to both quoting and trading of NMS stocks will promote fair and transparent pricing across trading venues. This will help to prevent any unfair advantages that some participants may have over others. While reducing the access fee caps is a step in the right direction, I believe that completely eliminating exchange rebates would further enhance transparency and fairness in the market. It is important to regain public confidence and trust in the market, particularly in light of recent events like the GameStop controversy. As a household investor, I support higher fines, bigger penalties, and actual consequences for those who do not follow the rules. Enforcement matters, and it is crucial to have consequences for those who violate the rules. Finally, I would like to emphasize my support for the harmonization of tick sizes across all exchanges. It is important to have clear rules and clear language, without exceptions or vague language that could lead to monopolistic control of parts of the market. Additionally, I suggest that the definition of tick-constrained should apply to as much of the market as possible, to ensure that everyone trades and provides quotes according to the same rules. Thank you for considering my views on this important matter. Sincerely,