The Securities and Exchange Commission is poised to impose new fees on brokers to help pay for an expansive market-surveillance system.
The plan to fund the audit-trail system to track billions of daily equities and options trades faces stiff opposition from industry trade groups and heavyweight players including Citadel Securities and Virtu Financial Inc. Banks and others that act as brokers or asset managers have complained that they would face the bulk of the fees.
Fees would vary depending on whether they’re assessed on equities, options or over-the-counter equities. They’re based on share volumes, though some industry groups have said a percentage of notional value would be a fairer way to assess the fees. It initially approved the creation of the database in 2012, but implementation was delayed by the pandemic as well squabbles among exchanges, banks and brokerages over security, infrastructure, funding and other issues.
The SEC “has not fully considered these ultimate economic effects on industry members’ clients and other end investors,” wrote Lindsey Weber Keljo, head of Sifma’s Asset Management Group.
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