Some of the biggest names in Wall Street trading are urging the US Securities and Exchange Commission to pull back on plans to overhaul rules for the stock market.
The New York Stock Exchange, Citadel Securities and Charles Schwab & Co. on Monday warned that a suite of proposals the SEC released in December could harm investors. The new regulations, if finalized, could damp liquidity in the market, the firms said.
“We are deeply concerned that the commission has simultaneously issued multiple far-reaching proposals that would dramatically overhaul current market structure without adequately assessing the cumulative impact on the market or the potential for unintended consequences,” the companies said in a letter obtained by Bloomberg News.
