Feb. 24, 2023
February 24, 2023 I agree with the proposed rules regarding reporting and documentation, as well as the stricter new requirements regarding broker-dealers best execution practices. Everyone understands that currently the lax requirements allow broker-dealers to siphon money off the backs of their investors and customersincentivizing the exact opposite behavior from what household investors and other customers want. Suspiciously and perhaps not coincidentally, the exact type of behavior we see in the market today. In the modern world of instantaneous global communication and information capabilities of so many varieties, its unacceptable that broker-dealers manipulate their buy/sell orders algorithmically by the millisecond but claim they somehow cant do near-instantaneous delivery, keep track of what theyre buying and selling, and provide reporting to the SEC regarding the legality of their activities. Then they abuse their grace periods on top of that, get a miniscule fine, and then repeat the process. These new rules are a good starting point, but as a household investor, I demand that broker-dealers and any other body with the potential to unduly influence the market be required to provide: - Near-instant delivery of securities purchased by investors - Obvious disclosure of the ways they will use an investors account to make money to the detriment of the investor - Disclosure of algorithms used to take advantage of the markets - Near-instant reporting of securities bought and sold to the proper regulating bodies Finally, we need to start making the fines for financial crimes exceed the money made from committing the crime. Otherwise its just a cost of doing business. Thank you for considering my ideas. I look forward to stronger enforcement from the SEC on the organizations that are currently running rampant on Wall St.