Mar. 27, 2023
March 27, 2023 Dear Commission, Do not exempt hedging, \"bona fide\" market making, or liquidity-related activities from anti-PFOF regulation. Market makers and artificial liquidity are the reason we have a problem to begin with. Also, in the future, it would be better to actually disincent much of the market's artificial liquidity, but for now an auction-based order flow it at least a marginal improvement. Thanks.