Mar. 31, 2023
Dear SEC, As a household investor, I strongly support the proposed rule to increase transparency in the routing of orders by brokers and wholesalers. The proposed changes to ATS rules aligning with regulatory frameworks for exchanges would be beneficial for individual household investors. To promote transparency, ATS should submit detailed disclosures about their operations, including how they manage conflicts of interest, operate their order routing practices, and handle customer orders. ATS should also establish and enforce written policies and procedures to prevent fraudulent and manipulative practices. Moreover, ATS should provide detailed information about the operation of their systems to the SEC, including data on the execution of orders, order routing practices, and information about the use of dark pools. The proposal to implement a variable minimum pricing increment model for both quoting and trading of NMS stocks would promote fair pricing across trading venues, which is essential for ensuring a level playing field for all investors. Household investors like me support any initiatives aimed at identifying and preventing fraudulent practices that undermine the credibility, integrity, and functionality of American markets. We also believe that competition in the marketplace is necessary to regulate markets better, and barriers to competition, such as the conflicted nature of PFOF, should be removed. The SEC should prioritize creating a competitive market structure that benefits investors and encourages transparency. Thank you for considering my feedback on this important issue. Sincerely,