In the Press
January 31, 2023

Retail Auctions Kill Competition, Market-Makers Say (International Financial Law Review)

A recent proposal from the Securities and Exchange Commission (SEC) to process retail trading orders through auctions has sparked concerns among wholesalers, who argue that end investors would suffer the most from such a practice. Beyond cost issues, other details of the proposed order competition rule are of concern to market participants and will need to be ironed out.