DC Circ. Presses SEC To Justify Exchange Fee Program

Law360 (October 11, 2019, 7:16 PM EDT) -- The D.C. Circuit on Friday seemed skeptical that the U.S. Securities and Exchange Commission had identified an existing problem warranting a two-year pilot program that could cap the fees major exchanges receive.

Supporters of the program say it will allow the SEC to collect data needed to assess whether the current system creates conflicts of interest for brokers by encouraging them to pursue trades that capture rebates and avoid fees. But during oral arguments Friday, judges questioned whether a need for more information about whether a problem even exists can justify moving forward with the program.

“You’re saying, 'Well, you know, we...

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