to charge zero commissions. Gensler has said there may be a conflict of interest for brokers and that too much power is concentrated in a handful of market makers.
He is likely to demand more transparency about trading and payment for order flow. Gensler may propose tightening up the rules that would constitute best execution, which is generally the obligation to provide the best prices at the time of execution. He may want more disclosure to describe the obligations a broker-dealer has, including price improvement and payment for order flow.
"We have been calling for a review of market structure for some time, but let's be careful not to try to fix things that may not be broken," he said. "The retail investor is getting a better deal than they ever have."Gensler has also been a critic of the growth of dark pools and other off-exchange trading, which now constitutes about 40% of all trading volume.
"It's not clear if Gensler is proposing a rule change immediately or merely floating a 'trial balloon' that may result in a rules proposal sometime later in the year," David Franasiak, an attorney with Williams & Jensen who follows corporate issues in Washington, told me.This is one of many proposed regulations Gensler has on his agenda.
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