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December 19, 2018

Protecting Investors and Market Integrity, SEC Approves Pilot Study on Exchange Trading Fees

Wednesday, December 19, 2018
Contact: Nick Jacobs, 202-618-6430 or

Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor for Better Markets issued this statement following approval of a pilot study on stock trading fees:

“Today, the Securities and Exchange Commission moved to conduct a pilot study on the impact of legalized kickbacks large exchanges offer to brokers to attract orders, which hurt both large and small investors.  The SEC’s effort to rein in this pervasive and pernicious conflict of interest is a major win for investors and the integrity of our capital markets upon which our job-creators, savers and retirees depend.  The SEC – as urged by Better Markets – held its ground on key aspects of the pilot and included a “no rebate” test group, compelled issuers to participate in the pilot, included all stocks with a trading volume equal to 30,000 or more trades-a-day, and required the exchanges to maintain and make available key data sets to interested parties for their own analysis.

“We congratulate and applaud the SEC for this pro-investor, pro-market integrity, pro-fairness study, and urge the SEC to remain steadfast in eliminating the incredibly harmful and obvious conflicts of interest that exist in our markets today: when brokers seek to maximize their kickbacks instead of seeking best execution for investors.”


Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit

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