Calling for change: A Wall Street sign outside the New York Stock Exchange in Manhattan. GameStop and other meme stocks are soaring again which has resulted in regulators calling for a broad review of US equity trading rules. — Reuters
WASHINGTON: Wall Street’s top regulator is calling for a broad review of rules that underpin US equity trading, the latest evidence that the meme-stock mayhem is likely to trigger an overhaul.
US Securities and Exchange Commission (SEC) chairman Gary Gensler said Wednesday that he’s asked the agency’s staff to examine best execution requirements – legal mandates that ostensibly force brokers to process customers’ orders at advantageous prices.
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