Exchanges Object to Brokers Gaining More Stock-Market Oversight
- NYSE and Nasdaq don't want brokers to get voting rights
- Complaint involves key aspects of the U.S. stock market
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The New York Stock Exchange, Nasdaq Stock Market and several other exchange operators asked lawmakers not to give brokers and investors greater influence over important aspects of the U.S. stock market.
Only exchanges should be voting members on committees that govern things including market-data feeds and volatility safeguards called limit-up/limit-down, according to a Feb. 10 letter they sent to top members of the U.S. House Financial Services Committee.