Mar. 31, 2023
Hello SEC, this is my comment on the above Proposed Rule. To reduce conflicts of interest, the SEC should increase transparency in the routing of orders by brokers and wholesalers, ensuring that investors have access to the best-priced quotations available in the NMS. Proposed changes to ATS rules would align these electronic trading platforms with regulatory frameworks for exchanges, benefiting individual household investors. In order to improve understanding of how ATS operate and how orders are executed, these trading platforms should provide detailed disclosures about their operations, including order routing practices and how they handle customer orders. To protect individual investors from fraudulent and manipulative practices in the ATS market, ATS should establish and enforce written policies and procedures. Detailed information about the operation of their systems should be provided to the SEC, including data on the execution of orders, order routing practices, and information about the use of dark pools. ATS should operate consistently with the broader regulatory structure of the securities markets, promoting fair and transparent trading practices. The implementation of a variable minimum pricing increment model for both quoting and trading of NMS stocks would promote fair and transparent pricing across trading venues, ultimately benefiting investors by ensuring a level playing field. Thank You