Mar. 31, 2023
Hi, I am in favor of this rule to ensure best execution. We see competition in a lot of our daily lives, and the stock market is no different. An open and fair market is expected to be an open competition to provide the best price. 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. Brokers may charge high commissions or fees in lieu of PFOF, so a cap should be implemented. Estimated savings for retail investors range from $1.12 billion to $2.35 billion, primarily through increased competition to supply liquidity to marketable orders. 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 prioritise creating a competitive market structure that benefits investors and encourages transparency. Thank you, Vinh