US SEC Chief Unveils Plan to Overhaul Wall Street Stock Trading

US SEC Chief Unveils Plan to Overhaul Wall Street Stock Trading
Securities and Exchange Commission (SEC) Chair Gary Gensler testifies before a Senate Banking, Housing, and Urban Affairs Committee oversight hearing on the SEC on Capitol Hill in Washington, on Sept. 14, 2021. Evelyn Hockstein/Reuters
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WASHINGTON/NEW YORK—The top U.S. securities regulator on Wednesday unveiled a planned overhaul of Wall Street retail stock trading rules, aiming to boost competition for handling orders by commission-free brokerages to ensure mom-and-pop investors get the best price for trades.

U.S. Securities and Exchange Commission chair Gary Gensler told an industry audience he wants to require trading firms to directly compete to execute trades from retail investors.