Brokerages and trading firms pushed back forcefully against Securities and Exchange Commission Chairman Gary Gensler’s proposed changes to U.S. stock-trading rules, saying that the market was functioning well for ordinary investors.
Mr. Gensler outlined the potential changes on Wednesday. In one of the key elements of his proposed package of rule changes, he said he has asked agency staff to consider requiring brokerages to route individual investors’ orders to buy or sell stocks into auctions, as part of an effort to increase competition in the market.
