SEC contradicts itself on exchange pricing, say firms

Cboe warns ban on volume-based rebates will not improve pricing for investors

Securities and Exchange Commission
Photo: Andriy Blokhin/Alamy Stock Photo

The US Securities and Exchange Commission is doing battle with itself on equity market structure reforms, according to market participants. The regulator last month issued a proposal that would prohibit national securities exchanges from offering volume-based transaction fees on agency orders. But some in the industry think the rule will not achieve its goals, and may instead collide with some of the proposals in the wide-ranging market structure overhaul the SEC adopted in December 2022.


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