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  • Writer's pictureASA Newsroom

ASA Statement on SEC Volume-Based Exchange Transaction Pricing Proposal

WASHINGTON, DC – The American Securities Association (ASA) today issued the following statement from President and CEO Chris Iacovella on the U.S. Securities and Exchange Commission (SEC) proposal prohibiting national securities exchanges from offering volume-based transaction pricing in connection with the execution of agency-related orders in NMS stocks:

“The ASA has long been concerned about concentration in the equity markets and ending the discriminatory incentives that disadvantage small and mid-size market participants over larger ones, and this issue is particularly acute with volume-based rebates. The SEC has an obligation to promote competition and transparency in the U.S. equity markets and to put an end to the exchanges monopolistic rent seeking practices that harm America’s working families, savers, and retirees. The ASA looks forward to reviewing the proposal more closely.”

In June of 2021, ASA submitted a comment letter to the SEC Investor Advisory Committee (IAC) regarding the Commission’s equity market structure proposals, including the volume-based pricing tiers that serve broker-dealers.


About the American Securities Association

American Securities Association, based in Washington, DC, represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.


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