The U.S. Securities and Exchange Commission on Thursday delayed a controversial ...
NEW YORK - The U.S. Securities and Exchange Commission on Thursday delayed a controversial plan aimed at evaluating how stock exchange fees and incentives affect how brokers trade, while the exchanges sue the regulator in an attempt to kill the experiment.
But Nasdaq Inc, Cboe Global Markets and Intercontinental Exchange Inc’s NYSE, which together own 12 of the 13 U.S. stock exchanges, all filed lawsuits against the SEC in February saying the plan was an exercise in government price-setting and would put controls on competition. “The Commission’s action is a positive development for publicly-traded companies and Main Street investors, as it recognizes the arbitrary nature of the program and the complexity of its implementation,” Nasdaq spokesman Joseph Christinat said following the SEC’s announcement.The SEC, in part, aimed to gather data from the experiment that could show if the rebates, which added up to around $2.
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