SIFMA Responds to SEC Chair Gensler's Remarks on Equity Market Structure Reform

In a public statement responding to recent remarks by SEC Chair Gary Gensler on equity market structure reform (see previous coverage), SIFMA said that "any changes to the rules. . . should be considered holistically with a view to ensuring there are no negative, unintended consequences for investors."

SIFMA reiterated that it supports market reforms including (i) decreasing access fees, (ii) implementing enhancements to the dissemination of odd-lot information and (iii) updating Regulation NMS Rule 242.605 ("Disclosure of order execution information"). SIFMA stated that despite the fact that equity market structure is more fragmented than in the past, retail investors currently benefit from (i) highly competitive markets, (ii) low access cost and (iii) expansive market access.

SIFMA urged the SEC to closely and deliberately evaluate potential impacts on costs to investors so as to avoid unintended consequences.