SEC chief takes aim at payment-for-order flow

Significant change: Pedestrians walk outside the headquarters of the US Securities and Exchange Commission in Washington. The regulator wants to make the US$45 trillion (RM198 trillion) US equities market more transparent and fair. — Bloomberg

NEW YORK: Wall Street’s top regulator previewed a set of sweeping changes to rules underpinning the United States stock market, setting up a major clash with some of the biggest names in equity trading.

Securities and Exchange Commission (SEC)chair Gary Gensler said he’s asked the agency’s staff to weigh the moves with the aim of making the US$45 trillion (RM198 trillion) US equities market more transparent and fair.