Mar. 18, 2023
Hi, As a household investor, I fully support this rule, which should be implemented as soon as possible. I would like to see strong enforcement by the SEC for this rule and have higher fines and/or loss of licenses for broker/dealers that do not abide by the rule. There is clear monopolistic behavior here, with 90% of marketable orders of individual investors in NMS stocks going to a small group of six off-exchange dealers, and 66% of those orders being captured by just two firms. This suggests that the American markets are in an anti-competitive state, and changes must be made. Monopolies are bad, and fair competition is crucial. It's encouraging to see the SEC taking steps in the right direction with this proposed rule, as the current market is clearly unfair. Brokers should always route orders to the auction first before sending them to any off-exchange dealers. Removing middlemen from the market will improve prices for both individuals and institutions, according to recent research by Hittal Mittesh. The auctions could save individuals billions of dollars taken by wholesalers, and institutions over $1.5 billion each year. Wholesalers are taking from citizens and people's pensions, which must stop. (Source: https://4982966.fs1.hubspotusercontent-na1.net/hubfs/4982966/BestEx%20Research%20Order%20Competition%20Rule%20Analysis%2020230105.pdf) -- - Jonathan Shaner