Subject: S7-32-22: WebForm Comments from Phillip Worts
From: Phillip Worts
Affiliation:

Dec. 28, 2022

December 28, 2022

 Comments on S7-32-22: Regulation Best Execution

Thank you for providing individual investors, like myself, the opportunity provide input on the proposal.

Best execution is a fundamental expectation that investors have when utilizing broker-dealers. Here are my thoughts as an individual investor:

-Institutions that are executing orders for investors should be providing the best available price when completing the sale. This means looking far and wide to find the best deal for their customers and not putting their own interest ahead of ours.
-Institutions should be monitored and evaluated on the ability to offer best execution for their customers.
-Institutional performance should be standardized and publicly available for customers to determine if the business relationship is worth maintaining.
-If institutions continually underperform, fail to report or report accurately, or are found to be putting their own interest ahead of their customers, significant CRIMINAL punish should be leveraged against all parties involved (including executives that incentivize criminal behavior or fail to police their own staff).
-Reporting should be continuous (i.e., daily) as to avoid holes in data points.
-There should be no exemptions for market makers, broker-dealers with high or low volume, or trades that may be routed to lit markets or dark pools. The best price is the best price, regardless of the venue or mechanism of trading.

Thank you for your time.