Mar. 19, 2023
Dear SEC, I am writing to express my strong support for the proposed changes to regulations that would promote transparency and fairness in the securities markets. I believe that these changes would benefit individual household investors and increase public confidence in the market. I recommend that the SEC increase transparency in the routing of orders by brokers and wholesalers, so that investors have access to the best priced quotations available in the NMS. This would reduce conflicts of interest and promote fair and transparent trading practices. Additionally, I support the proposed changes to ATS rules, as they would promote better alignment with regulatory frameworks for exchanges. I suggest that ATS submit detailed disclosures about their operations, including how they manage conflicts of interest, how they operate their order routing practices, and how they handle customer orders. This would make it easier for investors to understand how ATS operate and how their orders are executed. I also recommend that ATS establish and enforce written policies and procedures to prevent fraudulent and manipulative practices, as this would help to protect individual investors from abusive practices in the ATS market. ATS should provide detailed information about the operation of their systems to the SEC, including data on the execution of orders, order routing practices, and information about the use of dark pools. Furthermore, I support the proposal to implement a variable minimum pricing increment model for both quoting and trading of NMS stocks. This would promote fair pricing across trading venues, which is essential for ensuring a level playing field for all investors. Finally, I urge the SEC to prioritize creating a competitive market structure that benefits investors and encourages transparency. It is necessary to regulate markets better and remove barriers to competition, such as the conflicted nature of PFOF, in order to increase competition and supply liquidity to marketable orders. Thank you for your attention to these important issues. I believe that these changes will improve the credibility, integrity, and functionality of the American markets and increase public trust. Sincerely, Sony