Virtu Fires Opening Shot in SEC Tussle Over Trading Rules
- Firm urges rule change to show how much it saves investors
- Odd lots, shorts should be included in execution data: Virtu
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Virtu Financial Inc., a powerful trading firm whose business model is under scrutiny in Washington, says it can show U.S. investors how much money it saves them -- if regulators let it.
Virtu is petitioning the Securities and Exchange Commission to overhaul the public data that’s used to gauge whether retail customers get the best deal when buying and selling shares. The firm contends that when it and other market makers execute orders internally -- rather than sending them to stock exchanges -- it dramatically lowers costs for investors.