Subject: File No. S7-32-22; Release No. 34-96496· Regulation Best Execution
From: William Headrick
Affiliation:

Mar. 31, 2023



I fully support this rule.

The SEC should reduce conflicts of interest by increasing transparency in the routing of orders by brokers and wholesalers, with investors having access to the best priced quotations available in the NMS.

The proposed changes to ATS rules promote better alignment with regulatory frameworks for exchanges would be beneficial for individual household investors.

ATS should establish and enforce written policies and procedures to prevent fraudulent and manipulative practices. This would help to protect individual investors from abusive practices in the ATS market.

Household investors support any initiatives aimed at identifying and preventing fraudulent practices that undermine the credibility, integrity, and functionality of American markets.  Sending orders to a wholesaler for internalization should not be the only option available to investors.

Brokers may charge high commissions or fees in lieu of PFOF, so a cap should be implemented.