Apr. 20, 2022
I am in the financial services industry (mortgages) but also a very active retail investor and closely follow the markets as part of my daily job. This rule, if passed, would cause IRREPARABLE harm to retail investors and every single investor not in the ultra elite class. If this truly is the United States that has its core base in capitalism we cannot keep providing outs to massive hedge funds who get caught with their hands in the proverbial cookie jar. Even proposing a rule like this and attempting to say with a straight face that the SEC actually believes in open and transparent markets is laughable at best. If these "market makers" fail with bad investments they should suffer the consequences, absolutely ZERO difference from a retail investor. You make a bad trade, you lose money. This is a simple concept that every retail investor understands, but why should it be different for large hedge funds? But we all know why this COULD pass ... it is the deep pockets of the billionaire class that rules politics and controls a massively under funded SEC. Here are the rules we need instead of this garbage: Make real consequences for naked short selling and market manipulation - fines in the BILLIONS of dollars with real jail time a possibility. These people are costing everyday Americans their retirements and are stealing from the average American. Ban payment for order flow - this serves no purpose other than to keep lining the pockets of "market makers". Ban "dark pool" trading - why in the world does Wall Street hate ACTUAL HONEST price discovery so much? I will never understand the concept of all trades not going through the lit market ... again we are supposed to have an economy based on capitalism, by hiding true demand and what a stock COULD sell for on the open market goes against the core principle of our entire economy. Thank you for taking the time to register my comment, if this passes you will have lost the faith of hundreds of thousands of retail traders and have definitively told us that we, and the average American, have zero place in our current market and economy. Tim Foor