Mar. 19, 2023
I am writing to express my strong support for the proposed Regulation Best Execution rule, which has the potential to significantly improve the transparency and fairness of our financial markets. One key area of concern that I believe the SEC should address is reducing conflicts of interest by increasing transparency in the routing of orders by brokers and wholesalers. Investors should have access to the best-priced quotations available in the National Market System (NMS), and greater transparency in the routing of orders can help to achieve this goal. I strongly urge the SEC to take bold action in this regard and ensure that all market participants are able to compete on a level playing field. I also believe that the proposal to implement a variable minimum pricing increment model for both quoting and trading of NMS stocks is an important step towards promoting fair pricing across trading venues. This will help to prevent market fragmentation and ensure that investors are able to receive fair and transparent pricing for their investments. In addition to promoting transparency and fairness, the SEC should prioritize creating a competitive market structure that benefits investors. Competition in the marketplace is necessary to regulate markets better, and barriers to competition, such as the conflicted nature of Payment for Order Flow (PFOF), should be removed. This will help to ensure that all market participants are able to compete on a level playing field and that the market operates in a fair and transparent manner. Overall, I strongly support the proposed Regulation Best Execution rule as a critical step towards creating a financial system that is equitable, transparent, and sustainable for all investors. I urge the SEC to prioritize the interests of investors and take strong action to promote transparency, fairness, and competition in the marketplace. Thank you, Cassie Wendland