SEC’s Gensler seeks major changes to markets and trading (CNBC)

SEC Chairman Gary Gensler wants to remove what he sees as barriers for retail investors. This includes addressing the current system of payment for order flow, where Gensler believes there is a conflict of interest for brokers dealing with only a few wholesale market makers that exert too much control. He argues that the changes he seeks will help remove current disadvantages for retail trading. However, Amy Lynch, FrontLine’s Founder and President, in the lead quotes of the CNBC story, explains that those same wholesalers have a good argument that payment for order flow has brought commissions down to zero. Ms. Lynch states that the SEC may be successful in restructuring how payment for order flow works, but will unlikely be able to eliminate it altogether. See CNBC, “Trading exchange execs ask if tough times are ahead as market-altering rules loom”