Simplicity & Fairness

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Markets are complex and have been guided on this evolution of complexity by firms who profit from it. This complexity and fragmentation of markets has turned them into an indecipherable quagmire of rent-seeking, structural arbitrage, and inefficiency. It has created oligopolies and monopolies across the entire market landscape, from internalization to market data. It has resulted in high cost exchanges that are often avoided by both retail and institutional investors. It has resulted in inferior executions by restricting competition and concentrating power in the hands of a few firms. It has resulted in the inability of individual investors to understand markets, and has begun eroding their trust. The means of fixing these varied issues are all relatively similar - increase competition, reduce fragmentation, end subsidization and adapt Regulation NMS to a new technological reality.

key issues

  • Open Competition for Order Flow: Investors should get the best price available in the market for their orders, and the best way to achieve that is to create an open, consolidated and competitive market for executing those orders. Small, marketable orders should be routed to exchanges or other transparent venues where they can interact with other investor orders whenever possible.
  • Democratize Market Data: Market data costs are far too high, both for non-professional investors and professionals. This revenue subsidizes unnecessary exchanges and creates excessive complexity and fragmentation.

opportunities for advocacy