Mar. 31, 2023
March 31, 2023 By Email Vanessa A. Countryman Secretary U.S. Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 205499–1090 rule- To whom it may concern: The proposed changes to ATS rules promote better alignment with regulatory frameworks for exchanges would be beneficial for individual household investors. ATS should operate in a manner that is consistent with the broader regulatory structure of the securities markets, which would benefit individual investors by promoting fair and transparent trading practices. 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. The proposed rule is an important step in protecting individual investors and promoting fair and efficient markets. Best execution is important in trade execution, especially for individual investors who may not fully understand the complexities involved in choosing how to execute a trade. Brokers owe their customers a duty of best execution derived from common law agency principles and fiduciary obligations. However, this duty needs to become a rule that the SEC can enforce to ensure transparency and accountability for broker-dealers' practices. The United States of America must remain a leader and innovator in fair and transparent financial markets. To that end, constant vigilance, diligence, and prudent evolution of our financial systems are required - this includes adoption of the S7-32-22 proposal in full and without delay. Please consider my full support. Do the right thing. Follow your own internal truth. Thank you. Regards, -L8TRGATOR