Mar. 3, 2023
To whom it may concern, I strongly urge you to pass S7-31-22 Order Competition Rule. Wholesalers currently have far too much power to internalize orders and destroy price discovery, a fundamental component of a free and fair market. It is absolutely critical that orders see a lit market where an open and transparent auction can occur and actual price discovery can take place. Current internalization mechanics allow market insiders to effectively control the price of securities by deciding which orders to send to a lit exchange and which orders to internalize. This isn't free and fair, it's gaming the system and allows for price suppression and enables pump-and-dump schemes. I hope you pass this rule as it will benefit retail investors and minimize advantages that only benefit market insiders. Sincerely, Andrew L Harmon