Wall Street Firms Fight SEC Push to Change Mutual-Fund Pricing
- BlackRock, Fidelity, Schwab press for the SEC to reconsider
- ‘Swing pricing’ and ‘hard close’ included in rules overhaul
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A Securities and Exchange Commission proposal to overhaul how mutual-fund shares are priced has provoked fierce opposition from some of the biggest money managers on Wall Street.
BlackRock Inc., Charles Schwab Corp., Fidelity Investments and Morgan Stanley are among those pushing back against a sweeping set of regulatory changes that would include the introduction of a “swing pricing” mechanism for the funds’ shares. That price-adjustment process is intended to protect investors who remain in a fund from bearing the costs when others enter or exit.