Subject: File No. S7-32-22; Release No. 34-96496: Regulation Best Execution
From: Erik Schwartz
Affiliation:

Mar. 31, 2023

 



Hello, 


Writing to ask that you please consider my feedback for the Disclosure of Regulation Best Execution (as identified in the subject line of this email). 


I fully support the SEC-proposed rule for the following reasons: 


* From the perspective of a household investor (like myself), best execution is crucial in trade execution, especially due to the complexities involved in determining how to execute a trade. 


* Brokers owe their customers a duty of Best Execution (i.e. common law agency principles and fiduciary obligations). However, it needs to be codified as an enforceable SEC rule. 


* Conflicted orders have no place in a Best Execution rule. 


As a data point from recent history, the SEC charged Robinhood (in December 2020) with failure to satisfy its best execution obligation. And, as you may recall, Robinhood's failure here resulted in a $34.1 million loss for their customers. 


Please protect household investors and encourage fair, efficient markets by implementing the rule. 


Thanks for your time and efforts, 

-- 


Erik Schwartz <schwartz.erik.c@gmail.com>  |  GPG key 4A2F858F65625409EDF852B4C3CB83B8266C4B79