Mar. 30, 2023
March 30, 2023 I am an individual investor, and I fully support implementation of this rule. To have a fair and free market, we must have equal opportunity to fill orders at public auction. Without competition to fill orders, our markets become a monopoly, which is what we see now. Most retail orders are funneled through just 6 off-exchange dealers, with approx. 66% of the volume being captured by just 2 firms. The state of American financial markets is clearly anti-competitive and that needs to change. Internalizing order flow is detrimental to price discovery. Even Citadels Ken Griffin stated such in 2004: Internalization is one of the greatest threats to price discovery in the financial markets. Yet now that he is benefiting heavily from it, his tone has changed, which can be seen Citadels comments on this rule proposal. For the sake of free and fair markets, implement rule S7-31-22.