Wall St pushes back against SEC stock market reforms

The NYSE, along with Schwab and Citadel Securities, asked the SEC to indefinitely withdraw the auction and best execution proposals, saying they could lead to less market liquidity and create confusing regulatory overlap. — Bloomberg

NEW YORK: The New York Stock Exchange (NYSE) has teamed up with retail broker Charles Schwab Corp and market maker Citadel Securities to ask the US Securities and Exchange Commission (SEC) to withdraw two recently proposed rules aimed at revamping how stocks trade.

The move on Monday represents a coordinated industry push back against what are potentially the most impactful proposals in the SEC’s biggest attempt to reform stock market rules in nearly 20 years.