Citigroup Inc. has sent a letter to the Securities and Exchange Commission suggesting that a simple way to drive more stock trading back to public exchanges and away from private trading venues, known as dark pools, would be to make trading on these exchanges more affordable, Bloomberg reports.
In the letter, signed by Daniel Keegan, head of Americas equities at Citigroup, the bank suggests cutting the cap on access fees by two-thirds. According to Citigroup, the SEC arbitrarily chose a cap on exchange access fees at 30 cents per 100 shares.
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