From NASDAQ:

The United States Securities and Exchange Commission (SEC) is proposing to ban volume discounts for agency orders on U.S. exchanges in an attempt to level the playing field for brokers. However, the proposal has sparked concerns that it may not actually achieve this goal due to the fact that it only affects a fraction of trading, excluding a significant portion of trading that happens off-exchange. The proposal also ignores the fact that different venues operate under different rules and pricing practices, creating a complex landscape for trading. Additionally, fixed costs and customer tiers play a significant role in the competitiveness of the trading market, and simply fixing one fee for a small portion of the market may not level the playing field as intended. The proposal has raised questions about its effectiveness in addressing broker routing conflicts and promoting fair and equitable trading practices.



Read more: Leveling a Slice of the Playing Field