SEC Commissioner Urges Action On Maker-Taker Disclosure

Law360, New York (May 11, 2015, 6:52 PM EDT) -- The U.S. Securities and Exchange Commission should take prompt action to improve disclosures around payments for order flow and order execution quality while it mulls over a proposal to study the effects of eliminating so-called maker-taker fees in the U.S. equities markets, an SEC commissioner said Monday.

Commissioner Luis A. Aguilar said in a statement the agency should consider a pilot program to assess the effect of an alternative to the controversial maker-taker pricing model, in which brokers get paid to attract trades to particular stock exchanges. Rep. Stephen Lynch, D-Mass., proposed such a program in March to fight what he...

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