Citadel, Charles Schwab Team Up to Destroy SEC Proposals

Citadel, Charles Schwab Team Up to Fight SEC Proposals
Market News Daily: Wall Street Pushes Back Against SEC Stock Market Reforms 2023.

(Reuters) The New York Stock Exchange teamed up with retail broker Charles Schwab Corp and market maker Citadel Securities on Monday to ask the U.S. Securities and Exchange Commission to withdraw two recently proposed rules aimed at revamping how stocks trade.

The move represents a coordinated industry push back against what are potentially the most impactful proposals in the SEC’s biggest attempt to reform stock market rules in nearly 20 years.

“We are deeply concerned that the Commission has simultaneously issued multiple far-reaching proposals that would dramatically overhaul current market structure without adequately assessing the cumulative impact on the market or the potential for unintended consequences,” the companies said in an SEC comment letter.

The SEC in December proposed requiring nearly all retail stock orders to be sent to auctions, as well as a new standard for brokers to show they get the best possible executions for their clients’ orders.

The SEC also proposed lower trading increments and access fees on exchanges, and more robust retail order execution disclosures.

And now Citadel, Charles Schwab, and the New York Stock Exchange are fighting against these proposals that will help level the playing field for retail investors.

Payment for order flow has annihilated competition and reserved market maker Citadel Securities the right to buy retail orders from brokers such as Robinhood and TD Ameritrade.

During an interview with SEC Chairman Gary Gensler, the Chairman tells ‘We The Investors‘ that he believes the SEC should have the ‘Best Execution Rule‘, not the self-regulatory organization, FINRA.

Citadel Said in 2004 PFOF Should Be Banned

New York Stock Exchange News | Citadel SEC News Today.
New York Stock Exchange News | Citadel SEC News Today.

Citadel pushed back on the possibility of a payment for order flow (PFOF) ban in June of 2022.

But Citadel said in 2004 that payment for order flow creates conflicts of interest and should be banned, according to an SEC file.

Gary Gensler said there may be a conflict of interest for brokers and that too much power is concentrated in a handful of market makers.

The SEC Chairman plans to reroute retail investors into an automated system that would provide a deep pool of liquidity.

The aim of the proposed rules is to improve market quality and efficiency, by boosting competition for retail stock orders and reducing unnecessary intermediation, SEC Chair Gary Gensler has said.

However, the NYSE, along with Schwab and Citadel Securities, asked the SEC to indefinitely withdraw the auction and best execution proposals, saying they could lead to less market liquidity and create confusing regulatory overlap.

“We believe that this more targeted approach will result in significant benefits for U.S. equity market participants, while meaningfully reducing the risk of negative outcomes for markets and investors, including the risk of firms retreating from being liquidity providers – which would be particularly detrimental to retail investors,” they said.

Related: Global Head of Operations at Citadel Has a Board Seat at DTCC

Market News Published Daily

Market News Today - Citadel News Today.
Market News Today – Wall Street Pushes Back Against SEC Stock Market Reforms | Citadel against SEC Proposals 2023.

For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox. is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily posts.

You can now read exclusive FrankNez articles for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.

My New Book is Out Now! Use Code: THENEZ


  1. Daryl Olson

    Why do the “criminals” get to decide what regulations are allowed/enforced?
    Is it because the SEC Dir used to work for GS – one of the major manipulators of the market? The FTDs should have led to AG/DOJ indictments for stock market fraud (selling fake/unowned shares), but it appears financial industry owns Congress, GOP SC, and controls what regulators are even allowed to consider…

    • High and mad

      Regular Joe don’t know how this will affect his future, News Outlets are fake paid shills for Wall st every Overseeing body of the Financial System is for WALL ST to win almost everyone worked for Wall st lMarket Maker employees on dtcc board
      For.about.the same crimes Madoff gets 150ys prison, 15 years later same crimes
      Gets Wall st our money, as FTDs grow
      Over a few year truth unfolds to deaf politicians with money stuffed in their asses and in their ears

      Its the same Crime as Missouri Man sold a truck he never owned to 80 people
      Earned $330.000 from never owning it and Failed to Deliver he will se prison

      Citadel and friends committing the same crime, Madoff before the bus took him to
      Noticed something was missing after hearing hissing it was gone
      Gary Gensler slithering Clown he Crowned Ken Griffin it was later found
      Ken’s boys Harrison. Ningh. Yang Ellison were enablers of FTX Crimes,
      For that stolen billions they get Probation and remember that TINY FINE
      SBF wasn’t bright enough to Fool anyone except Ken Griffins Jester Gary Gensler

      Many people profited and still are
      The Conflicts of Interest
      RICO ACTS and all like Bernie
      SBF is the Sacrifice
      For Criminals 9f Finance it 1 to blame
      SBF is history they return to the game

      They convince their victims, they are safe

      They steal billions pay a tiny fine.
      Take their money offshore go back to politicans and Regulators
      Repeat Offenders or Campaign Donors pay their fine before the crime

      • Frank Nez

        Great input – thanks for sharing.

  2. Frank Nez

    Leave your thoughts below!

© 2024

Theme by Anders NorenUp ↑