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2021-10-25

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SEC's Gensler: Meme stock trading restrictions 'not good' for retail investors

The U.S. Securities and Exchange Commission (SEC) is still weighing its response to the frenzy over

SEC's Gensler: Meme stock trading restrictions 'not good' for retail investors

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Those middlemen firms try to execute trades at better prices than the customer asked for, splitting the cost savings among itself and the brokerage that routed the order.</p>\n<p>Gensler said \"inherent conflicts\" may incentivize brokerages to gamify stock betting to increase the volume of trading.</p>\n<p>“When you have efficiency, it’s lower cost in the middle, that’s better for companies raising money and it’s better for the investor,” said Gensler, referring to possible changes to the payment for order flow model. “It may mean there’s a little less economic rent for folks in the middle.”</p>\n<p>Gensler said that the SEC broadly supports retail investing, noting that families should be enabled to use stock market bets if they want to build a nest egg for retirement, among other reasons.</p>\n<p>“Retail being part of the [investing] mix — and a growing part of the mix — can be good as long as there’s a real cop on the beat looking at the rules in place,” Gensler said.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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The report notes that restrictions were largely the result of a spike in margin requirements that clearinghouses (who actually settle trades themselves) required the brokerages to hold given the massive volatility in those stocks.\nThe report suggested that shorter settlement times could reduce the likelihood of unexpected margin requirements — and thus the need to restrict trading — in the future. But the report detailed no specific policy actions going forward.\nBanning payment for order flow\nGensler told Yahoo Finance that among other policy considerations, banning the practice of payment for order flow remains an option.\nThe model, which has enabled zero-commission trades popularized by Robinhood, relies on routing orders through wholesale market-makers like Citadel Securities and Virtu Financial. Those middlemen firms try to execute trades at better prices than the customer asked for, splitting the cost savings among itself and the brokerage that routed the order.\nGensler said \"inherent conflicts\" may incentivize brokerages to gamify stock betting to increase the volume of trading.\n“When you have efficiency, it’s lower cost in the middle, that’s better for companies raising money and it’s better for the investor,” said Gensler, referring to possible changes to the payment for order flow model. “It may mean there’s a little less economic rent for folks in the middle.”\nGensler said that the SEC broadly supports retail investing, noting that families should be enabled to use stock market bets if they want to build a nest egg for retirement, among other reasons.\n“Retail being part of the [investing] mix — and a growing part of the mix — can be good as long as there’s a real cop on the beat looking at the rules in place,” Gensler said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":242,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":33,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}

SEC's Gensler: Meme stock trading restrictions 'not good' for retail investors

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