Mar. 19, 2023
Good morning, It is becoming increasingly apparent that the U.S. market structure has been distorted by various financial institutions who have created a legislative structure that benefits them and them alone. Retail investors do not have marketplace transparency and financial institutions are not being held accountable to the extent that short-term profit schemes are placing the entire U.S. market at severe risk. I agree with Mr. Gensler's comments on this proposal that, “Today’s markets are not as fair and competitive as possible for individual investors — everyday retail investors. This is in part because there isn’t a level playing field among different parts of the market: wholesalers, dark pools, and lit exchanges,” said SEC Chair Gary Gensler. “Further, the markets have become increasingly hidden from view, especially for individual investors. These everyday individual investors don’t have the full benefit of various market participants competing to execute their marketable orders at the best price possible. Thus, today’s proposal is designed to bring greater competition in the marketplace for retail market orders. I think it makes sense for the market, and for everyday individual investors, to allow the broader market to compete for their orders.” Thank you for your time, Frank Drummond