Mar. 19, 2023
Dear Members of the Securities and Exchange Commission, I am writing to express my full support for the Order Competition Rule (Release No. 34-96495; File No. S7-31-22). As a concerned citizen and individual investor, I believe that this rule is essential to protecting the fairness and competitiveness of the U.S. equities market. I strongly oppose the recent consensus position presented by NYSE Group, Inc., Charles Schwab & Co., and Citadel Securities on your equity market structure proposals. These firms have demonstrated a clear lack of concern for individual investors and have instead prioritized their own interests. I urge you to carefully consider the benefits of the Order Competition Rule and the negative consequences of the firms’ proposed alternatives: The proposed reduction of the minimum quoting increment to a half-penny would benefit only the firms, while doing nothing to protect individual investors. The recommended reduction of access fees would incentivize liquidity providers to exit the market, which would be particularly detrimental to retail investors. The firms’ opposition to the proposal for retail auctions confirms their disregard for individual investors. The withdrawal of the proposal for Best Execution sends a message that the firms do not care about the best interests of individual investors. In contrast, the Order Competition Rule would promote a fair and competitive market by requiring orders to be executed in a transparent and equitable manner. This would benefit all investors, including individual investors like myself. In conclusion, I implore you to reject the consensus position presented by NYSE Group, Inc., Charles Schwab & Co., and Citadel Securities and to support the Order Competition Rule. Your actions on this issue will have a profound impact on the fairness and competitiveness of the U.S. equities market. Thank you for your attention to this matter. Sincerely, Matthew Gatt, concerned household investor