SEC chairman Gary Gensler unveils plans to revamp US stock market rules

'We can do better for retail investors’

The Securities and Exchange Commission chairman Gary Gensler has hinted at a set of substantial changes to the rules that govern the “uneven” US stock market in an effort to level the playing field for retail investors.

Speaking at a conference hosted by investment bank Piper Sandler on Wednesday, he said he had ordered SEC staff to review a number of substantial reforms, including the possibility of the introduction of an auction process to boost competition between services for retail investors. "Right now, there is not a level playing field among different parts of the market: wholesalers, dark pools, and lit exchanges," said Gensler. "It is not clear, given the current market segmentation, concentration, and lack of a level playing field, that our current national market system is as fair and com...