Senate GOP dings SEC’s volume pricing ban

Republican senators led by Sen. Mike Rounds (S.D.) wrote to SEC Chair Gary Gensler, urging the regulator to reconsider a proposal that would prohibit volume-based trading among U.S. stock exchanges.

The lawmaker letter, signed by Rounds and every other Republican on the Senate Banking Committee, argues the proposed ban would “severely impact market liquidity, widen bid-ask spreads and inadvertently undermine the competitive, efficient and stable operation of the U.S. securities markets.”