I understand the value of short selling. I understand it is a mechanism to root out unsavory characters that may be using subversive tactics to artificially prop up a stock/ security, however I do not understand why, in 2021 we as retail investors do not have access to the same information at the same time as institutional investors? how is that a free market? again its 2021 and we have internet from satellites orbiting the earth, yet it takes a month to get FTD numbers? How is it a free market where institutional investors do not have to disclose short positions or puts? what we need is transparency. 70%+ of daily transactions for some stocks get routed directly through dark pools or ATS. Also what is Citadel Connect? is it a dark pool? Is it an ATS? Why do they not have to disclose volume of trades like any other dark pool or ATS?! The issue people have with these things is that they are all done behind the scenes without any of us knowing, and when we try to dig to find out about it, there is no information available to the masses... again transparency goes along way! also, whats with the tiny fines? if a market maker or fund is about to make $100 million on a trade or series of trades doing something illegally, why would they refrain from doing so, knowing full well that they will pay an $8 million fine... jail time needs to be not just on the table, but an active tool used to deter this kind of behavior. Take it from someone that works in that industry... Actual jail time will change the landscape for these people who think they are untouchable or that they can pay their way out of situation. Transparency. Access to information in real time, or as close to it. One set of rules for EVERYONE. Payment for order flow is inherently a conflict of interest toward the people who tout it. How can a company claim to give me best execution when they are front running the trade? also the verbal play stating that best execution does not mean the best price... that needs to be addressed so companies can trick retail by saying we offer best execution, meanwhile we thing it means best and cheapest price when it actually doesn't. that is flat out a lie. in any other marketing that would be false advertisement and a cease and desist would be issued in a heart beat. Again, its not transparent at all. Again, no information is readily available to point out the difference between best price and best execution. Again, separate set of rules for retail and not for institutions/ market makers/ brokers. Transparency. Access to real time data. Free and fair market. Thats all we are asking for
Ramon Tomzer Comment On Regulatory Notice 21-19
I understand the value of short selling. I understand it is a mechanism to root out unsavory characters that may be using subversive tactics to artificially prop up a stock/ security, however I do not understand why, in 2021 we as retail investors do not have access to the same information at the same time as institutional investors? how is that a free market? again its 2021 and we have internet from satellites orbiting the earth, yet it takes a month to get FTD numbers? How is it a free market where institutional investors do not have to disclose short positions or puts? what we need is transparency. 70%+ of daily transactions for some stocks get routed directly through dark pools or ATS. Also what is Citadel Connect? is it a dark pool? Is it an ATS? Why do they not have to disclose volume of trades like any other dark pool or ATS?! The issue people have with these things is that they are all done behind the scenes without any of us knowing, and when we try to dig to find out about it, there is no information available to the masses... again transparency goes along way! also, whats with the tiny fines? if a market maker or fund is about to make $100 million on a trade or series of trades doing something illegally, why would they refrain from doing so, knowing full well that they will pay an $8 million fine... jail time needs to be not just on the table, but an active tool used to deter this kind of behavior. Take it from someone that works in that industry... Actual jail time will change the landscape for these people who think they are untouchable or that they can pay their way out of situation. Transparency. Access to information in real time, or as close to it. One set of rules for EVERYONE. Payment for order flow is inherently a conflict of interest toward the people who tout it. How can a company claim to give me best execution when they are front running the trade? also the verbal play stating that best execution does not mean the best price... that needs to be addressed so companies can trick retail by saying we offer best execution, meanwhile we thing it means best and cheapest price when it actually doesn't. that is flat out a lie. in any other marketing that would be false advertisement and a cease and desist would be issued in a heart beat. Again, its not transparent at all. Again, no information is readily available to point out the difference between best price and best execution. Again, separate set of rules for retail and not for institutions/ market makers/ brokers. Transparency. Access to real time data. Free and fair market. Thats all we are asking for