Stock Exchanges Question SEC’s Plan to Revamp Trading

Tyler Gellasch, a former SEC lawyer who now leads an industry trade group, said he didn’t think the letter would dissuade the commission from launching the experiment.

“It’s aggressive, but they are basically trying to buy time,” said Mr. Gellasch, who leads the Healthy Markets Association. “An extended maker-taker pilot program could threaten their competitiveness when there is already a significant amount of off-exchange volume.”

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