Aug. 14, 2023
Dear SEC staff: FINRA rule 5310. Best Execution and Interpositioning requires its members to: “(a)(1) In any transaction for or with a customer or a customer of another broker-dealer, a member and persons associated with a member shall use reasonable diligence to ascertain the best market for the subject security and buy or sell in such market so that the resultant price to the customer is as favorable as possible under prevailing market conditions. Among the factors that will be considered in determining whether a member has used "reasonable diligence" are: … (C) the number of markets checked; …” Yet all day long FINRA reported trades trade through my broadcast odd lot or hidden resting limit orders on the primary listing exchange by non-de minimus amounts. In every one of those cases, the executing broker failed to make even the most basic check of the primary listing exchange before executing the trade at a worse price for the customer. They have defrauded their customer as I am offering better pricing than the FINRA reported trade. Thank you for your time and consideration. Jared Albert