Mar. 5, 2023
March 5, 2023 I am a household investor, and I'm in support of the proposed rules put forth by the SEC, titled No. 34-96495 - Order Competition Rule. The market is a system of supply and demand, and a fair, open market cannot be realized when one of these is restricted in any sort. This includes when retail orders are never sent to the main exchange because brokers do not allow this. Regardless of what reasoning is provided for this activity, it doesn't justify the results - the loss of price discovery. By controlling orders in this manner, demand does not become fully realized on an open market, therefor the value of goods on the exchange can be manipulated, whether intentional or not. Given that, according to the SEC, 90 percent of marketable orders never are sent to the on-exchange, this is a serious issue, and very likely ruins any chance of commodities seeing their actual market value. For the fair and open market that investors expect their orders to go through, regulations should begin enforcing brokers to adjust their practices. If they want to handle households' business, they should be held to a higher standard than they currently are, and these proposed guidelines help with just that. If anything, rules like these are long overdue.