The SEC’s renewal of stock trading rules is facing criticism from Wall Street

Brokers and trading firms pushed back strongly against Securities and Exchange Commission Chairman Gary Gensler’s proposed changes to US stock trading rules, saying the market worked well for regular investors.

Mr. Gensler outlined the potential changes on Wednesday. In one of the key elements of the proposed package of rule changes, he said he has asked agency employees to consider requiring brokerages to route individual investors’ orders to buy or sell shares to auctions, as part of an attempt to increase competition in the market.