The SEC is considering redirecting stock trading to competitive auctions, says Gensler

Chairman of the Securities and Exchange Commission Gary Gensler said that he has asked agency employees to consider requiring brokerages to route individual investors’ orders to buy or sell shares at auctions, as part of an attempt to increase competition in the market.

The potential change will represent a major setback for the lucrative business of trading the stock market. The Wall Street Journal reported Monday that the plan was under review. The goal would be to “ensure full competition among all market participants to provide the best prices for retail investors,” Gensler said Wednesday in preparation for a speech to the Piper Sandler Global Exchange & FinTech Conference in New York.