The Securities Industry and Financial Markets Association, a trade group, is calling on federal regulators to implement a series of reforms to improve the transparency and robustness of the $23 trillion U.S. equities market, Reuters reports.
SIFMA, whose membership includes around 400 banks, brokers and asset managers, made its recommendations in a paper. Among its proposals were an overhaul of the data feed that transmits stock prices, reducing fees charged by public exchanges to 5 cents per 100 shares traded from 30 cents per 100 shares, and greater clarity about what different order types actually mean, Bloomberg reports.
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