Wall Street pushes back against SEC stock market reforms

The New York Stock Exchange teamed up with retail broker Charles Schwab Corp and market maker Citadel Securities on Monday to ask the U.S. Securities and Exchange Commission to withdraw two recently proposed rules aimed at revamping how stocks trade.

“We are deeply concerned that the Commission has simultaneously issued multiple far-reaching proposals that would dramatically overhaul current market structure without adequately assessing the cumulative impact on the market or the potential for unintended consequences,” the companies said in an SEC comment letter.

The aim of the proposed rules is to improve market quality and efficiency, by boosting competition for retail stock orders and reducing unnecessary intermediation, SEC Chair Gary Gensler has said.

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World stocks gain after Wall Street has best day in 6 weeksShares were mostly higher Monday in Europe and Asia after strong data on the U.S. economy sent Wall Street to its best close in six weeks. Does the person writing this know what a ‘stock’ is in relation to global resource? Anyone else find it a hypocritical conflict of interest that out resource use, access, and global mathematical balance of, has been awarded to the world’s oldest gambler’s anonymous fellowship? 🤣
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