Both institutional and retail investors need better information to properly assess whether their broker-dealers are providing best execution and to help them make informed choices about who they use to route their orders. The proposed disclosures are certainly an improvement over the current disclosures and they have the potential to provide that critical information to investors. They also have the potential to promote competition based on terms that benefit investors and reward not only the broker-dealers that best serve their clients but also the market centers that provide the best executions. However, there are serious deficiencies in the proposal that must be addressed for the proposal to have these intended benefits.