Main Street investors are facing off against Wall Street in an attempt to sway the U.S. Securities and Exchange Commission in its proposed revamp of stock trading
"A lot of folks are angry," said Dave Lauer, cofounder of We The Investors, a retail investor-focused advocacy group. Firms that act as middlemen "are the ones who have been writing the rules for many years, and so they want to change that," he said., surging from less than 10% for most of 2018 and 2019. Individual investors jumped into stock trading after big retail brokers eliminated commissions in late 2019.
Other proposed rules call for a new standard for brokers to demonstrate they've gotten the best execution for clients on transactions, as well as lower trading increments and access fees on exchanges, and stronger disclosure around retail order executions. In a recent petition asking the SEC to ban the practice of retail brokers accepting payments from market making firms for the first dibs to execute clients' orders, We The Investors collectedWith weeks to go until the March 31 deadline for comment letters on the SEC proposals, Lauer said he was just starting his organization's comment letter campaign.
The three Wall Street heavyweights teamed up to oppose the auction and best execution rule proposals, which they said could threaten market liquidity and rollback market progress.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," they wrote in a joint comment letter Monday.
The Securities Industry and Financial Markets Association, which represents banks and asset managers, voiced its concerns about the wide scope of the proposed changes. It called for hearings and a longer comment period.
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