(CNBC) At issue is the SEC’s plan to run a pilot test of how the stock market is affected by the transaction fees and rebates that exchanges use to attract trade orders from brokers.
NYSE argues that the SEC’s test itself will be too disruptive and potentially cost investors more than $1 billion.
Major pensions such as the California Public Employees’ Retirement System and Ontario Teachers’ Pension Plan have come out in support of the SEC’s pilot test, as have giant asset managers such as Vanguard and BlackRock. The NYSE sent a notice, which was reviewed by CNBC, to companies urging them to send a comment letter to the SEC about the test.
NYSE Comes Out Swinging In SEC Pricing Test, Pitting Itself Against Major Pensions And Fund Managers
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