Gary Gensler, chair of the Securities and Exchange Commission (SEC), said more than 90% of retail investors’ marketable orders are routed to a small group of off-exchange wholesalers.

"Let's say you, an investor, put in an order to buy or sell ten shares of stock. You might think that your trades benefit from robust competition similar to an auction, or perhaps that it would have the transparency of a lit stock exchange. It turns out that more than 90% of retail investors' marketable orders are routed to a small group of off-exchange wholesalers operating in what's called the Dark Market. " Gensler stated in the video.

Gensler believes retail investors deserve the full benefit of competition. According to him, the annual competitive shortfall could be worth approximately $1.5B, which he considers could go into investors’ pockets.