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 1. Home
 2. Regulation


April 17, 2023 06:00 AM


DIVIDE ERUPTS OVER SEC PUSH FOR REFORMS


SOME OF PROPOSED CHANGES TO U.S. EQUITY MARKETS FAVORED BY INSTITUTIONAL
INVESTORS

Brian Croce
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Ronan Ryan said some of the market structures haven’t been updated in 20 years.

View Key Data:
 * BlackRock Inc.
 * California Public Employees' Retirement System
 * California State Teachers' Retirement System
 * State Street Global Advisors
 * T. Rowe Price Group
 * Texas Teacher Retirement System

The Securities and Exchange Commission is mulling changes designed to update and
reshape segments of the U.S. equity markets, with potential implications for
institutional investors that have drawn praise and criticism.



In December, the SEC issued four rule proposals, each with varying levels of
complexity and controversy. The four proposals total more than 1,600 pages and
had simultaneous public comment periods that closed March 31, drawing hundreds
of responses.

"These are such important changes in market structure that have not been
proposed or changed in almost 20 years," said Ronan Ryan, New York-based
president and co-founder of IEX Group Inc., which operates the IEX Exchange.

The SEC in 2005 established Regulation National Market System, or Reg NMS, to
modernize the U.S. equity system, and Mr. Ryan said the regulation needs an
update. "It would be an absolute, unequivocal shame if nothing were to change,"
he added.




Others are supportive of changes to Reg NMS but have myriad concerns with the
SEC's proposals.

"As a baseline matter, the SEC failed to identify a market failure that would
justify the dramatic structural changes proposed, yet the proposals,
individually and together, would result in fundamental changes with uncertain
and consequential results," Kenneth E. Bentsen Jr., president and CEO of the
Securities Industry and Financial Markets Association, Washington, said in a
statement.

The proposals in question would:


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 * Lower trading increments and access fees on exchanges, including amending
   minimum pricing increments, also known as tick sizes, to establish a variable
   minimum pricing increment model that would apply to both the quoting and
   trading of NMS stocks.
 * Broaden the entities subject to a disclosure rule, which requires a market
   center that trades stocks to make public monthly electronic execution reports
   that include uniform statistical measures of execution quality. The entities
   that would have to file the reports include broker-dealers who introduce or
   carry 100,000 or more customer accounts; single-dealer platforms; and
   entities that would operate proposed qualified auctions.
 * Require certain retail equity orders be exposed to open auctions before such
   orders could be executed internally by any trading center that restricts
   order-by-order competition.
 * Establish a best execution standard for brokers, dealers, government
   securities brokers, government securities dealers and municipal securities
   dealers to use "reasonable diligence to ascertain the best market for the
   security and buy or sell in such market so that the resultant price to the
   customer is as favorable as possible under prevailing market conditions,"
   according to an SEC fact sheet.

RELATED ARTICLE

SEC looks to propose, finalize dozens of rules in 2023
Pension funds back change

Broadly, the proposal concerning trading increments and access fees on
exchanges, and another expanding the entities required to issue reports on
execution quality have support in the industry.

Leaders from six major pension funds jointly submitted a comment letter backing
the SEC's proposal to reduce the access fee cap for all NMS securities to $0.001
per share from the current level of $0.003. Exchanges charge access fees for
execution of an order that are then frequently used to fund rebates to
broker-dealers that provide liquidity on the exchange.

The pension funds — the $442.9 billion California Public Employees' Retirement
System, Sacramento; C$536 billion ($395.7 billion) Canada Pension Plan
Investment Board, Toronto; $306 billion California State Teachers' Retirement
System, West Sacramento; C$247.2 billion ($183.5 billion) Ontario Teachers'
Pension Plan Board, Toronto; $179.3 billion Texas Teacher Retirement System,
Austin; and the C$158 billion ($116.6 billion) Alberta Investment Management
Corp., Edmonton — said in their comment letter that the existing cap, adopted in
2005, does not reflect the enormous efficiency gains from technology advances
since that time.

The existing system "clearly disadvantages institutional investors" because
institutions "on average tend to seek to access rather than provide liquidity on
exchanges, so the burden of high fees falls on them disproportionately," the
pension funds said.


RELATED ARTICLE

Republican senators seek answers on SEC equities market proposals
Industry pushes back

But when it comes to the SEC's proposals on best execution and order
competition, the industry pushback has been more pronounced.



The order competition proposal, where retail trades would be sent to an open
auction before they can be executed internally, is designed to bring greater
competition to the marketplace, SEC Chairman Gary Gensler said in December.

Currently, brokers route a far majority of stock orders to a small group of
off-exchange dealers, known as wholesalers. Those wholesalers typically execute
the orders internally, without any opportunity for other market participants to
compete to provide better prices, the SEC said.

"These everyday individual investors don't have the full benefit of various
market participants competing to execute their marketable orders at the best
price possible," Mr. Gensler said at the SEC's December meeting. "For example,
individual investors don't necessarily get the best prices that they could get
if institutional investors, like pension funds, could systematically and
directly compete for their orders."

However, the Council of Institutional Investors in a comment letter said their
members are unlikely to expend much effort to participate in a new auction
system if the rule were to go into effect.

"In particular, for many institutional investors, the risk of potentially
revealing their identities and trade interest to even a single dealer by
participating in the proposed new auction mechanisms could materially outweigh
any potential benefits of receiving the executions," CII said. "Therefore, we
encourage the commission to consider various ways to incentivize the interaction
of retail and institutional investors."

Some commenters, including SIFMA, State Street Global Advisors, T. Rowe Price
Group Inc. and Cboe Global Markets suggested that the SEC withdraw the proposal
entirely.

On the best execution proposal, some commenters said there are already
significant regulations in place, including the Financial Industry Regulatory
Authority's best execution rule for broker-dealers.

CII in its comment letter said it supports a best execution rule out of the SEC
but has concerns with a provision in the proposal that would exempt a broker or
dealer when an "institutional customer, exercising independent judgment,
executes its order against the broker or dealer's quotation," CII's comment
letter said.



CII is worried that the proposed exemption "may result in some institutional
investors, particularly smaller institutional investors with less market power,
not obtaining the best execution they desire." It suggested the SEC reconsider
the exemption and if it's deemed necessary, to narrow its scope or make it
conditional.

BlackRock Inc. in its comment letter called on the SEC to eliminate the
exemption for institutional customers.

"We believe that this clause is antithetical to the need for best execution in
less transparent markets," BlackRock said. "In fixed income markets, where
orders are typically traded principally against a broker-dealer's risk or
inventory, transacting on a quotation is the dominant style of execution."


RELATED ARTICLE

SEC approves rules on trading, best execution
Challenge anticipated?

Ignacio A. Sandoval, a Washington-based partner at Morgan, Lewis & Bockius LLP
and former special counsel in the office of chief counsel in the SEC's trading
and markets division, said the four proposals are intended to work in concert,
but don't always align.

"We might be looking at these proposals holistically; unfortunately the SEC
didn't," he said.

Mr. Sandoval said there are gaps in the way one rule could be implemented vs.
how another rule may operate.

For example, there's the best execution proposal, "which the SEC is almost
characterizing as best price, but you also have this requirement that retail
orders go to an auction even though an auction may actually not represent best
execution for a particular order," Mr. Sandoval said.

In a comment letter of its own, the Department of Justice's antitrust division
made a similar point and urged the SEC to further consider how the rules could
interact with one another, specifically the best execution and order competition
proposals.



Should both proposals be adopted, "broker's best execution policies and
procedures will have to take into account auctions conducted pursuant to the
order competition rule and consider the competitive dynamics of those auctions
compared to other ways to execute clients' orders," the DOJ said in its letter.

The proposals were likely separated because the SEC is expecting a legal
challenge, Mr. Sandoval said. "If the order competition rule gets struck down
you still have three other stand-alone rules that haven't and can still go
forward," he said. "That may have played into the strategy. Some are going to be
more susceptible to challenges than others so instead of invalidating the entire
package you only invalidate part of it."

RELATED ARTICLE

Commentary: SEC's proposed regulation best execution isn't the best for
institutional investors

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