Subject: File No. S7-31-22; Release No. 34-96495: Order Competition Rule
From: Jason Acevedo
Affiliation:

Mar. 30, 2023

The current rule allows brokers to send orders directly to Citadel's internal systems, giving Citadel control over the price.However, the new rule states that Citadel cannot be the first to receive orders; instead, orders must go to a public auction where everyone, including pension funds, has an equal opportunity to fill the order. This gives other market participants the chance to offer better prices, without taking a cut of the trade. As a result, Citadel may lose a significant amount of money, data, and influence.
 
Overall, this rule aims to create a fairer and more transparent market.