Mar. 30, 2023
March 30, 2023 To whom is concerned. Please take action to create more regulated markets. As an individual retail investor, I thank you for your effort to create more competition and transparency in the market, and I appreciate the chance to comment on these proposals. In aggregate, these recommended enhancements constitute one of the most significant changes to U.S. equity market structure since Regulation NMS was implemented in 2005. Best Execution S7-32-22 Brokers generally act as agents for their customers and, although not specifically defined, owe them a duty of Best Execution, which is derived from common law agency principles and fiduciary obligations. FINRA has a best execution rule, but its about time it becomes a rule that the SEC can enforce. I support the Best Execution rule, but I dont see how conflicted orders belong in a Best Execution rule. If payment for order flow continues, these conflicted brokers will continue to send our orders anywhere that gets them the most profit. PFOF has been effectively banned in the United Kingdom due to conflict-of-interest concerns, and Id like to see the same policy implemented here. They didnt explicitly ban PFOF, rather, they issued guidance that said PFOF is a conflict of interest. After some market makers created their own definitions of PFOF arrangements they reminded them that PFOF is not consistent with best execution. FINRA launched a targeted exam to evaluate the impact that not charging commissions has or will have on the member firms order-routing practices and decisions, and other aspects of member firms business. FINRA stated they will share their findings with member firms at a future date. Id like this information to be made public as soon as its available. Sincerely, WW