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Wall Street Giants Fight Over Who Helps Small Investors the Most

  • SEC roundtable prompts debate between exchanges, investors
  • Regulator’s chairman wants focus on ‘Mr. and Ms. 401(k)’

Stock exchanges and other powerful Wall Street players battled each other on Thursday to persuade regulators they’ve got the best interests of small investors in mind as they fight over hundreds of millions of dollars in industry fees.

The debate kicked off a two-day roundtable discussion convened by the Securities and Exchange Commission in Washington -- the latest development in a lengthy fight over whether exchanges have too much power to set the rates they charge for market data, a vital source of information that investors need to trade.