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SEC Commissioner Caroline Crenshaw

Caroline Crenshaw: "While routing to that exchange would result in an economic benefit for the member in the form of reduced fees or increased rebates, it may be costly to the customer if it comes at the expense of execution quality."

Statement: A long line of economic literature asserts that competition among firms benefits consumers.[1] Competitive markets promote economic efficiency and growth, and their benefits can include lower prices and better products for consumers, as well as a more level playing field for small businesses that seek to enter new
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SEC Commissioner Hester Peirce in statement on Proposed Rule 6b-1 (Volume-Based Exchange Transaction Pricing): "This rulemaking appears to be the product of fear that is not rooted in reality. Accordingly, I cannot support it."

SEC Commissioner Hester Peirce in statement on Proposed Rule 6b-1 (Volume-Based Exchange Transaction Pricing): "This rulemaking appears to be the product of fear that is not rooted in reality. Accordingly, I cannot support it."

Full Speech: Thank you, Mr. Chair. Regulators, as a general matter, are instinctively cautious. Caution can be a good thing. It can enable us to recognize dangers or threats early and to prepare appropriate responses. Caution, when tempered by a prudent and open mind, can help us protect investors and
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SEC Commissioner Mark Uyeda

SEC Commissioner Mark Uyeda on Proposed Rule 6b-1 (Volume-Based Exchange Transaction Pricing): "Ultimately, given the anticompetitive harms likely associated with the proposal—which will harm smaller entities and retail investors—I cannot support it."

Statement on Volume-Based Exchange Transaction Pricing for NMS Stocks Thank you, Chair Gensler. Today’s proposal would “prohibit national securities exchanges from offering volume-based transaction pricing for agency-related volume in certain stocks and … require national securities exchanges to disclose certain information if they offer volume-based transaction pricing for proprietary volume
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SEC Chair Gary Gensler

Gary Gensler on proposed Rule 6b-1: "Currently, the playing field upon which broker-dealers compete is unlevel." "we request public comment regarding whether volume-based discounts should be prohibited, & if so to what degree."

Highlights: * "Currently, the playing field upon which broker-dealers compete is unlevel. Mid-sized and smaller broker-dealers effectively pay higher fees than larger brokers to trade on most exchanges. This is because exchanges generally charge brokers net trading fees or pay rebates back to brokers that vary depending on the brokers’
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SEC Proposes Rule to Address Volume-Based Exchange Transaction Pricing for NMS Stocks

SEC Alert & OPEN for Comment Alert! SEC Proposes Rule to Address Volume-Based Exchange Transaction Pricing for NMS Stocks.

Background: National securities exchanges (“exchanges”) that trade NMS stocks maintain pricing schedules that set forth the transaction pricing they apply to their broker-dealer members that execute orders on their trading platforms. As self-regulatory organizations under the Exchange Act, exchanges are subject to unique principles and processes that do not apply
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CFTC Commissioner Christy Goldsmith Romero

CFTC Commissioner Christy Goldsmith Romero's statement supporting the Staff Advisory adopting her proposal that in negotiations, respondents should no longer assume that no-admit, no-deny resolutions are the default.

What is her statement about? The guidance from the Division of Enforcement Staff. The enforcement advisory offers guidance to the Division of Enforcement staff. The guidance is about: 1. Determining if the suggested civil monetary penalty is adequate for both general and specific deterrence, especially concerning repeat offenders. 2. Deciding
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ADVISORY REGARDING PENALTIES, MONITORS AND CONSULTANTS, AND ADMISSIONS IN CFTC ENFORCEMENT ACTIONS

CFTC Alert! CFTC Releases Enforcement Advisory on Penalties, Monitors and Admissions: "In negotiations, respondents should no longer assume that no-admit, no-deny resolutions are the default."

Wut Mean? The enforcement advisory offers guidance to the Division of Enforcement staff. The guidance is about: 1. Determining if the suggested civil monetary penalty is adequate for both general and specific deterrence, especially concerning repeat offenders. 2. Deciding on the necessity of a corporate compliance monitor or consultant and
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