美证交会检视造市商向经纪付款及场外交易影响问题
美国证券及交易委员会(SEC)主席Gary Gensler已指示当局官员就就交易所及经纪公平竞争提出修例建议。他指当局将处理订单流付款、最佳执行及全国最佳竞价等结构性问题,旨在使市场尽可能具效率。
订单流付款是指零售市场造市商向经纪付款,要求带来交易量,有关做法引来利益冲突质疑。批评者认为造市商向经纪提供诱因,导致经纪选择佣金较高的造市商,而非选择对客户交易最有利的造市商,即最佳执行。造市商则认为有关商业模式增加流动性及减少一般投资者成本。
Gensler亦指,抱团股热潮及游戏驿站(GME.US)事件等突显小量造市商垄断市场问题,市场高度集中将损害健康竞争及限制创新,同时增加潜在系统性风险。
此外,检讨亦涉及场外交易,检视黑池交易有否干预整体价格发现机制。目前有近半交易在传统交易所以外进行,并影响全国最佳买卖的执行。
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