SEC’s Revamp of Stock-Trading Rules Faces Criticism From Wall Street

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Brokerages and trading firms pushed back forcefully against Securities and Exchange Commission Chairman Gary Gensler’s proposed changes to U.S. stock-trading rules, saying the market is functioning well for ordinary investors.

Mr. Gensler outlined the potential changes Wednesday and was greeted with skepticism from an array of financial-industry executives who said the SEC’s far-reaching plans are unnecessary.