Mar. 31, 2023
Competition in the marketplace is necessary to regulate markets better and barriers to competition, such as the conflicted nature of PFOF, should be removed.
Sending orders to a wholesaler for internalisation should not be the only option available to investors. The SEC should prioritise creating a competitive market structure that benefits investors and encourages transparency. Brokers may charge high commissions or fees in lieu of PFOF, so a cap should be implemented.
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.
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