Securities and Exchange Commission (SEC)'s latest attempt to
tackle the thorny issues of payment for order flow and
internalisation in the US options markets has been met with
derision from the exchanges.
Options exchange leaders took turns bashing the February
concept release, titled Competitive Developments in the Options
Markets, during the FIA conference in
Boca Raton. Bill Brodsky, chairman and ceo of Chicago Board
Options Exchange said his exchange has repeatedly commented and
asked SEC to take some action on the payment for order flow and
internalisation issues, with no result.
"These issues have been lingering for a terribly long time,"
Brodsky said. "I'm not concerned about what the quality of the
responses will be, but what they will do with them."
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