Mar. 3, 2023
Hi. I am an individual investor through multiple brokers like Schwab, First Republic, Vanguard, etc. I am opposed to the SEC’s rule changes as proposed. It seems as is the SEC has designed a solution and then gone in search of a problem that doesn’t exist but which seems to have the potential to upend the current brokerage business model and thereby cost individual investors more. The advent of no fee trading is a huge benefit to retail investors and is an obvious savings even though it means that high speed traders and payment for order flow will be involved. Moreover, through the use of limit orders, a retail investor can ensure that the discount at which they buy or sell a stock is de minimis. It is in the interests of retail investors that retail brokers like Schwab, e-trade, Robinhood, etc remain in business earning reasonable profitable returns in order to serve us. The SEC has over-reached in this rule-making. Like many of its other proposals, there was not an initial problem of such a scope and risk that would require the proposed response, whose negative unintended consequences are likely to swamp the benefits that were the SEC’s objectives. Thank you for your consideration. Matt Sperling -- Matt Matt Sperling