SEC criticised for belt-and-braces ban on volume-based pricing

Legal experts question need for rules to prevent firms disguising agency trades as proprietary

Lots of locks

Legal experts say the US Securities and Exchange Commission has included unnecessary and duplicative anti-evasion measures in its proposed ban on exchanges offering volume-based transaction pricing.

The proposed rule would forbid exchanges from offering preferential prices for brokers that submit large volumes of agency trades on behalf of clients, but would still allow volume-based pricing for proprietary trades. An exchange that offers volume-based pricing on proprietary orders would have to

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