Comment Text:
I believe the reduction of regulatory oversight is to the detriment of household and retail investors. I don't believe that the consolidation and vertical integration will reduce transparency and fair access to all but a select few SRO's who would leverage this advantage and obfuscate their handling of market orders to the detriment of the many investors who have to rely on them to perform a necessary function in the market.
These functions, because they are necessary as an intermediary, should be subject to more scrutiny, not less, and the standards and practice by which they function should favor the many, not the few. History has shown us repeatedly that these organizations are not capable of adequately policing themselves, and must be compelled to report routinely and accurately.
Trade execution must be accurate and competitive, and clearing houses must fulfill their duty to investors first.
