The New York Stock Exchange and Nasdaq would no longer be able to offer a kind of special discount that rewards Wall Street brokerages for routing large amounts of trade orders to them under a new plan from the Securities and Exchange Commission, Bloomberg News’ Lydia Beyoud reports. The SEC is set to propose Wednesday a ban on so-called volume-based transaction pricing. The arrangements involve charging reduced fees or offering rebates to brokerages specifically based on how many stock trades they send each month on behalf of clients, the author adds.
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