Kev lag luam brokerage tab tom tshawb nrhiav lwm txoj hauv kev them nyiaj rau kev txiav txim siab raws li SEC tus thawj coj Gary Gensler siv lub hom phiaj ntawm kev coj ua.
Ib lub tswv yim yog los ntawm Apex Clearing, CNBC tau kawm. Lub tuam txhab tshem tawm ua lag luam rau SoFi, Webull thiab lwm yam fintechs thiab tau ua ntsiag to tsim lub khw rau kev sib tw cov neeg siv khoom xaj. Cov txheej txheem "auction", raws li Apex CEO piav qhia nws, tuaj yeem tso cov khoom lag luam sib tw ncaj qha nrog cov neeg tsim khoom lag luam xws li Citadel Securities thiab Virtu.
"Nws tsim kev sib tw ntau dua, uas yuav txhais ua tus nqi zoo dua," Bill Capuzzi, CEO ntawm Apex, hais rau CNBC. "Tus yeej loj yog lub khw muag khoom lag luam."'
Nyuam qhuav pib lub lim tiam no, SEC tus thawj tswj hwm Gary Gensler tau thov kev hloov pauv txoj cai uas tswj hwm li cas Wall Street tuav cov khw muag khoom lag luam. Tus tswj hwm kev nyab xeeb sab saum toj tau hais tias nws txoj kev npaj yuav, ib feem, xav kom cov tuam txhab sib tw ncaj qha los ua lag luam los ntawm cov lag luam muag khoom. Gensler tseem tab tom nrhiav kev nthuav tawm ntau ntxiv ntawm cov nqi thiab cov ntaub ntawv. Lub rooj zaum SEC tau ua tseem ceeb ntawm tej kev tsis sib haum xeeb ntawm kev txaus siab thiab tsis txaus siab ntawm lub hwj chim yog concentrated ntawm cov neeg ua lag luam xaiv.
"Kuv hais kom cov neeg ua haujlwm saib xyuas kev ua lag luam sib txawv ntawm qhov peb tuaj yeem hloov kho peb cov cai thiab ua kom muaj txiaj ntsig zoo dua hauv peb cov lag luam kev ncaj ncees, tshwj xeeb tshaj yog rau cov lag luam muag khoom," Gensler tau hais hauv Piper Sandler fintech lub rooj sib tham rau hnub Wednesday.
Kev them nyiaj rau kev txiav txim txaus, lossis PFOF, yog hais txog kev them nyiaj brokerages tau txais los coj cov neeg siv khoom lag luam mus rau lub khw tsim khoom, xws li Citdel lossis Virtu. Thaum nws feem ntau yog ib feem ntawm ib lub nyiaj npib, qhov kev npaj ua rau feem ntau ntawm cov nyiaj tau los rau Robinhood thiab lwm tus brokerages, thiab tau tso cai rau lawv muab kev ua lag luam dawb.
PFOF tau siv dav los ntawm kev lag luam brokerage tab sis tau raug hluav taws kub thaum Gamestop dabneeg. Gensler thiab SEC nug txog tej kev tsis sib haum xeeb ntawm kev txaus siab thiab seb cov khw muag khoom lag luam puas tau txais tus nqi zoo tshaj plaws. Tuam txhab uas muag twb yuav tsum tau muab cov neeg siv khoom tus nqi zoo tshaj plaws, hu ua "kev ua kom zoo tshaj plaws."
Thaum lub khw - technically hu ua lwm txoj kev lag luam - yog "tsim thiab npaj mus," Apex's Capuzzi tau hais tias, nws tseem tsis tau tso tawm thiab tuaj yeem xav tau kev pom zoo SEC. Tab sis yog tias pom zoo, qhov kev sib tw zoo li no tuaj yeem daws qhov teeb meem ntawm lub chaw haujlwm tsis txaus siab txog kev lag luam kev nyab xeeb ua haujlwm li cas tom qab qhov xwm txheej.
Rich Repetto, tus thawj coj tswj hwm thiab tus kws tshuaj ntsuam xyuas qib siab ntawm Piper Sandler, tau hais tias tuaj yeem muaj ntau yam piv txwv ntawm cov tuam txhab sim sim cov tswv yim ua ntej ntawm kev txav mus los ntawm SEC. Qhov ntawd tuaj yeem txo qhov kev xav tau ntawm kev hloov pauv rau cov cai tam sim no.
"Tam sim no cov txheej txheem tau nthuav tawm los ntawm Gensler, tuaj yeem muaj kev hloov tshiab nyob rau hauv pem hauv ntej ntawm nws uas tuaj yeem coj nws mus rau qhov chaw nws xav tau yam tsis muaj kev cai lij choj," Repetto hais rau CNBC.
Txawm hais tias tseem muaj kev hloov pauv ntawm kev them nyiaj rau kev txiav txim ntws, kev lag luam zoo li Apex tab tom tsim yuav txo cov txiaj ntsig rau cov lag luam wholesale, Repetto tau hais.
Lwm txoj hauv kev rau Gensler cov lus pom zoo tuaj yeem yog kev lag luam rov qab mus rau "internalization," lossis cov neeg ua lag luam sau cov neeg siv khoom xaj los ntawm lub tuam txhab cov khoom lag luam, raws li Devin Ryan ntawm JMP Securities. Qhov kev coj ua tsuas yog ib qho kev xaiv rau tus kheej-tiav brokerages loj dua nrog kev txiav txim loj txaus. Fidelity ua qhov no, piv txwv li. Charles Schwab thiab E* Trade tau siv los ua.
Ryan tau hais tias "Qhov xwm txheej no tuaj yeem ua rau muaj kev lag luam ntau dua rau cov neeg ua si loj tshaj plaws tab sis yuav ua rau muaj kev tawg ntau dua hauv cov nyiaj tau los thiab cov lus nug ntau ntxiv txog kev ua tiav zoo," Ryan tau hais.
Robinhood tus thawj coj saib xyuas kev cai lij choj Dan Gallagher, yav dhau los SEC tus thawj coj, tau sib cav tias cov khoom lag luam muag muag tsis tau muaj qhov zoo li ntawd. Gallagher tau taw qhia rau kev ua kom sai, xoom commissions thiab xoom tus lej nyiaj tsawg kawg yog vim li cas thiaj li ua kom cov xwm txheej tsis zoo.
“Nws yog ib qho kev nyab xeeb zoo heev rau kev muag khoom. Txhawm rau nkag mus thiab muck nrog nws tam sim no, rau kuv, yog qhov kev txhawj xeeb me ntsis, "Gallagher tau hais hauv tib lub rooj sib tham kev lag luam hnub Wednesday.
Rau cov tub luam txawm li cas los xij, qhov kev sib tw sib tw nrog kev sib tw ntau dua tuaj yeem ua rau nce nqi zoo dua. Thaum nws yuav zoo li "miniscule," ib ncig ntawm 1 xees rau qee qhov kev lag luam, nws thiaj li ntxiv, Capuzzi tau sib cav.
"Yog tias koj ua qhov no ntau zaus, thiab koj tau muab 10% kev ua kom zoo dua qub, uas rov qab mus rau tus neeg muag khoom muag - nws yog qhov zoo dua rau kev yuav thiab muag, yog li nyiaj ntau dua hauv lawv lub hnab," Capuzzi hais. . "Qhov no tuaj yeem ua rau muaj kev cuam tshuam rau cov khoom siv thiab hloov mus rau qhov zoo rau cov qauv kev lag luam."
Sau npe yuav ua rau CNBC PRO rau kev pom tshwj xeeb thiab kev tsom xam, thiab ua neej nyob hnub ua lag luam los ntawm ib ncig lub ntiaj teb.
Tau qhov twg los: https://www.cnbc.com/2022/06/10/brokers-look-to-replace-payment-for-order-flow-amid-sec-crack-down.html