Wall Street's regulator is considering changes to stock market rules to increase competition for orders and improve deals for retail investors, according to its top official Gary Gensler and industry executives.
and E*Trade to route retail customer orders to them instead of to exchanges. The SEC review could lead to the biggest shake-up of U.S. equity market rules in over a decade.
The SEC is exploring whether retail brokers are sending PFOF customer orders to the wholesaler paying them the most, rather than the venue that offers the best deal. A spokesperson for TD Ameritrade said the current market structure delivers "great outcomes" for investors and the company supports efforts to make it even better.
The SEC is also mulling making it easier for exchanges to compete with market-makers for orders by allowing exchanges to offer sub-penny pricing, and by changing the definition of "best execution," said Gensler and other industry executives.
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