Dec. 26, 2022
December 26, 2022 Whilst this is a step in the right direction as far as restoring confidence in the US stock market. This should have been implemented long ago. Along with 'Tick Harmonisation' between lit and dark markets. Competition in business is always key to ensure a free and open market. As long as everyone participating plays by the same rules, and no entities have an unfair advantage. Retail/the everyday non institutional investors can't make money off the arbitrage between dark and lit markets when it comes to equities. Why should other participants in the market? Why would this be considered fair? It's not competitive unless all participants in the market are held under the same rule book. It is arguable that the threshold of \"half the spread\" (A Quote GG twitter space with We The Investors), is still too high a threshold. It is my opinion as a \"retail\" investor, a brokerage being able to obtain 'best price' should be lowered well below that half the spread threshold, in order for more orders to be routed to a lit exchange. Price discovery should be incentivised, rather than encouraging internalisation of orders between brokerages or wholesalers. Reflection of true supply and demand on a lit exchange is by far more of a competitive practice, even if it does impact the volatility of a Equity. These rules that are proposed to be implemented, still fails to address key issues and concerns of the every day public who participate in the stock market. - Retail investors for many years have been considered a product for the market, rather than a participant. Payment For Order Flow confirms this.