Aug. 20, 2023
I support this proposal. I still support this proposal as it provides much-needed transparency within the markets. Its intended effect is in line with other reporting requirements. I continue to support this proposal despite concerns raised by other comments in regards to how it might have the potential to cause liquidity and other operational issues for large companies such as MFA's and hedgefunds. I am eager to support this proposal as it protects the integrity of the markets in terms of true price discovery and allows accurate assessments as to the health of a particular security. It also provides additional insights as to why securities are being valued on the open markets at the price points they're available at on an accurate and timely basis, similar to the data marketmakers see. According to SEC chairman Gary Gensler, over 90% of retail market orders do not hit the lit exchange but are routed through dark pools [1, 2]. This undermines true price discovery. Retail also does not have access to the same data that hedgefunds or other financial institutions have access to. In this way, retail investors do not currently have 1) the means to make fair and truly informed investing decisions, or 2) any meaningful impact on the price of any particular security. As an international household investor I believe it is critically important to level the proverbial playing field in the US markets. From my outside perspective, in the US, retail investors are set up to fail. The proposed rule change is an important step to restore and strengthen domestic and international confidence in the US markets. Thank you. Best regards, Oscar