Subject: File No. S7-32-22; Release No. 34-96496· Regulation Best Execution
From: Zaf Khan
Affiliation:

Mar. 24, 2023

  


Dear Sir/Madam,
 
I support this rule.
 
The SEC must take action to protect individual investors from unfair and manipulative practices in the market. By increasing transparency in order routing, brokers and wholesalers can reduce conflicts of interest and ensure that investors have access to the best priced quotations available in the NMS. 
Establishing robust ATS rules that align with existing regulatory frameworks will help to ensure fair and transparent trading practices. To ensure proper oversight, ATS should disclose information about their operations and the execution of customer orders. 
Furthermore, to promote competition, a variable minimum pricing increment model should be implemented for both quoting and trading of NMS stocks. This would reduce barriers to competition, encouraging fairer pricing and savings for retail investors, totalling billions, primarily though increased competition to supply liquidity to marketable orders. 
Finally, the SEC should introduce a cap on commissions or fees charged in lieu of PFOF, and ensure that sending orders to a wholesaler for internalisation is not the only option available to investors. By taking such measures, the SEC can create a competitive market structure that benefits all investors and encourages transparency.
 
Thank you for your consideration,
 
ZK.