Mar. 31, 2023
Dear SEC, I support the following Citadel should not be the first to receive orders and would prefer the proposed public auction to provide equal opportunity PFOF has been banned in the UK due to the conflict of interest and the US should follow that lead. Brokers who don't accept PFOF's route order differently and result in better execution quality. Robinhood does not provide improvement relative to exchanges, despite PFOF's being responsible for ~70% of there revenue Retail investors that are not dealing with PFOF get a better price than those who do deal with it, which is a violation of FINRA's best practices. FINRA findings should be made public. TD Ameritrade's order routing decisions don't seem to be motivated by fair competition despite their statements and they appear to pay to get the first look at orders, routing them to firms that collect billions in the process. Dark Pools should provide quotes and trades to provide transparency as human nature and profit cannot be trusted to its own devices. The commission should address the unfair information advantage by using the auction and specify where unsuccessful auctions go. America's markets have become un-competitive and fair competition is the backbone of America, it is the Commission's duty to ensure we maintain these basic rights. Wholesalers influence market participation, which is a conflict of interest. Wholesalers are taking Billions from individuals like myself and call it "superior performance" while withholding the truth of the matter in pursuit of selfish profits. Remove the middlemen and improve the market fairness, which is why I fully support the auction format. The Commision MUST ensure fair competition by removing the monopoly and profiteering. The proposed ruling would bring much needed transparency from the "Dark Pools", please implement the change as soon as possible to stop the unjust behavior. The SEC should be all means investigate conflicts of interest Enforcement of SEC rules must be improved Broker who have engaged in this behavior must lose their licenses instead of fines as the fines would be paid with "Dark" profits and would not discourage the behavior going forward. Actions have consequences. Thank you I look forward to the SEC making the right moves as there has been such a gross misuse of trust of the American people, we put our faith and support in the SEC.