Mar. 18, 2023
March 18, 2023 The proposed Order Competition Rule, as outlined in Release Nos. 34-96495 and File No. S7-31-22, is a vital step towards promoting fair and competitive markets in the securities industry. The rule aims to enhance competition among order execution venues by requiring them to provide real-time, public information on the quality of their order execution, including execution speed, price improvement, and other relevant metrics. This transparency will provide investors with greater visibility into the quality of execution venues, allowing them to make more informed decisions and choose the venue that best meets their needs. Furthermore, the rule will help to level the playing field among execution venues, promoting fair competition and preventing any one venue from dominating the market. This is crucial to ensuring that investors have access to a range of execution venues and that no single venue can exert undue influence over the market. In addition to promoting fair competition among execution venues, the Order Competition Rule will also enhance investor protection. By requiring execution venues to provide detailed information on their order execution quality, investors will be able to assess the potential risks and benefits of each venue, ultimately leading to better investment outcomes. Overall, I strongly support the proposed Order Competition Rule, as it promotes market transparency, fair competition, and investor protection. These changes will help to ensure that investors have access to high-quality execution venues and that the securities market remains fair and competitive for all participants.