Critics of the Securities and Exchange Commission’s (SEC) US equity market structure reform proposals have blamed the regulator for attempting to fix elements that do not call for regulatory intervention. In particular, a proposal to process retail trading orders through open auctions – as opposed to routing them through broker-dealers, as is currently the case – has proved to be the most controversial for participants in the space. “There's a feeling that the agency has allocated a lot of resources to areas that are already working pretty well,” said Nicholas Losurdo, Financial Services partner and former SEC counsel, while speaking with International Financial Law Review. “Many would say the Commission’s view is based on a premise that doesn't exist – which is that brokers aren’t doing rigorous reviews for best execution and execution quality – and that it relies on conjecture that doesn’t point to reliable data or industry insight to support it.