Thank you again for all of the support, it's just been incredible and humbling. As I said in my previous post about our PFOF Comment Letter, we will continue to push for ALL changes needed to fix markets, including focusing on ease of access and transparency for DRS, pushing for mandatory buy-ins and a settlement discipline regime to end FTD abuse, and other important disclosures to get a better picture of market activity.
Today we've posted what I consider the most important comment letter that I've ever written. This comment letter is focused on the Order Competition Rule proposal from the SEC. This proposal would force most orders from individual investors out of the wholesalers/internalizers (Citadel, Virtu, etc) and into auction facilities on exchanges. This would transform markets as we know them, and it is a change I have been pushing for for the past 11 years.
We The Investors believe that there's a better solution than auctions, called a trade-at rule, which is similar to what other countries do. A trade-at rule would push orders on to exchanges, and ensure that they hit and interact with the NBBO. We've laid it all out in this comment letter - what's wrong with markets, why trade-at is a better solution, and how they should change the auction proposal if they decide to go with it. Importantly, we've made sure to highlight the incredible hypocrisy from Citadel and Virtu, we think you're really going to like this one!
As I said before, if you have already filed a comment letter, that's amazing! Feel free to file another! You can be sure that the PFOF brokers and wholesalers will each be filing multiple comment letters, there's nothing that says you cannot too.
The most effective comment letter is one that you write yourself, but there is also strength in numbers. If the SEC sees thousands of the same comment letter filed, they cannot ignore it. Please take a minute, and take action!
And most importantly - thank you for your support throughout this wild journey. We're changing markets, brick by brick.
