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