![]() Gensler has also discussed more disclosures around how brokers execute clients’ orders, changes to what constitutes the best price in the market and ways to move more trading to public exchanges. Only about half of all trading in the market today occurs on stock exchanges, with the rest taking place through banks and brokerages running private markets and handling the trades themselves. Among them are changes to the way stock trades are priced on exchanges like NYSE and Nasdaq, which Gensler has said are not on a level playing field with other trading venues that operate with more regulatory flexibility and less transparency. The SEC chief has talked about half a dozen possible reforms. I suspect he is looking to make his mark here on our equity markets.”Īt issue for Gensler is ultimately a series of long-held concerns from investor advocates and progressives that the current market is not built for everyday people and institutional investors such as pension funds - but rather for Wall Street intermediaries. “The expectation is that this is going to be significant,” said Brett Redfearn, who led the SEC’s Trading and Markets Division during the Trump administration. SEC officials have talked about rewriting the trading rules for years without making major changes. ![]() Billions of dollars are on the line at some of Wall Street’s most powerful firms. Gensler’s bid to revamp the structure of the stock market is shaping up to be one of the most contentious pieces of an already ambitious agenda that has also sought to impose landmark climate disclosure rules on public companies and tame the largely unregulated crypto marketplace. Ritchie Torres, a New York Democrat on the House Financial Services Committee, said in an interview. ![]() “We have to be careful not to throw the baby out with the bathwater,” Rep. And a growing number of Hill Democrats are urging Gensler to proceed with caution, signaling a potentially treacherous political road ahead even among members of his own party - one that will become even more fraught if Republican critics gain a majority in Congress. While the proposals have yet to be released, industry executives have already begun talking about suing the SEC over the plans. ![]()
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