Mar. 25, 2023
As a household investor in the American stock market, I support this rule proposal and would like to thank Gary Gensler for making this proposal. It is a right step towards making a fairer and more transparent market. If passed, this rule should be clear, concise, leave no room for loopholes and should be properly enforced with consequences that actually deter bad actors, not just a slap on the wrist. Policies should be well-explained and understandable even for the average Joe considering there has been an increase in household investors as of late and considering average Joes are the backbone of this country, we deserve to understand how broker dealers execute our orders. The proposed changes to ATS rules promote better alignment with regulatory frameworks for exchanges would be beneficial for individual household investors by evening out the playing field for all broker dealers. It would be great to establish a best execution standard because it doesn't make sense for a select few broker dealers to have advantages in a fair and competitive market over others. Having these policies written out and reviewed annually is a great idea to increase transparency for household investors. I do think though, that reports shouldn't just be sent to the board of directors but also to the SEC or some other governing party outside the said broker-dealer because broker-dealers shouldn't be left to police themselves. When there is so much profit to be had, not a single human being could be trusted to police their own company's policy. This country is founded on a three branch government so there are checks and balances but for some reason broker-dealers will be allowed to review their own company policy to ensure "they establish, maintain, and enforce specified policies and procedures" so they don't screw over individual household investors like myself? I will respectfully omit how I feel about that and I will leave it to your imagination. In general, I would like to confirm my support for this proposal although I feel like there is much room for improvement. Thank you for a step forward in the right direction. -Concerned American Investor