U.S. Securities and Exchange Commission Chair Gary Gensler testifies before a Senate Banking, Housing, and Urban Affairs Committee oversight hearing on the SEC on Capitol Hill in Washington, U.S., September 14, 2021.
WASHINGTON, Dec 14 - Gary Gensler is going all-out to solve a crime with no obvious victim. The head of the U.S. Securities and Exchange Commission set out plans on Wednesday to overhaul the stock market in favor of retail investors, giving them fairer and better-priced trades. Big market-makers like Citadel Securities and Virtu FinancialThe centerpiece of the SEC’s proposal, to be put out for public comment if approved by a majority of the five commissioners, is the “order competition rule.
The profit that middlemen make from handling retail stock trades suggests Gensler has a point. The top 12 brokers collectively earned $3.8 billion last year by selling stock and options orders to market makers, according to
Breakingviews BenWinck Isn't this the same guy who was involved in FTX? Yeah, grow up, people!
Breakingviews BenWinck
Breakingviews BenWinck He trying real hard to make non-ftx headlines huh
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