BAN payment for order flow and suspend dark pool activity for abused securities.

BAN payment for order flow and suspend dark pool activity for abused securities.

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Suo Mynona started this petition to Chairman of the SEC Gary Gensler

Pioneered by financial fraudster Bernie Madoff, payment for order flow (PFOF) is the cost for market makers, such as Citadel, to route trades away from the NYSE and into the dark pools (off-exchange trading). This leads to dark pool abuse and price suppression, made possible by corrupt entities holding losing bets, which goes against the concept of a “free market.” The (ab)use of dark pools is a MAJOR conflict of interest; Citadel is both a hedge fund AND a market maker, both run by Kenneth Griffin. Off-exchange trading is blatantly being used for purposes it was not intended for. PFOF puts retail investors at a great disadvantage because their buy orders do NOT make an impact on the underlying stock price.

Why is PFOF allowed in the US when it's been banned in so many countries, such as the UK, Canada, and Australia? We demand that the SEC suspends dark pool trading for securities with abnormally high dark pool activity, such as AMC and GameStop. On 10/19/2021, AMC’s dark pool activity reached ~75%. GameStop also suffers from significant price suppression. If that wasn’t enough, short positions are hidden in options, and buy orders can take over a month to settle when they SHOULD be immediate or T+1.

We do not want our brokerages to receive payment for order flow. We have a right to participate in an equal-opportunity market and easily route our own trades to lit markets. Dark pools should have already been suspended for AMC and GME, yet we're 9 months in without regulatory action. Citadel is suing the SEC over the new D-Limit order, with the next court date being October 25th. We don’t need Citadel speaking on behalf of retail investors to tell the SEC what's best for us. Commission-free trading doesn’t help everyday investors when the US stock market is rigged and in favor of the wealthy. As individual investors, we agree to the commission charges per trade in order to ensure a safe and more transparent market with no conflicts of interest between institutions and those in power.

0 have signed. Let’s get to 75,000!
At 75,000 signatures, this petition becomes one of the top signed on Change.org!