The SEC Proposal to Limit Access Fees

The SEC proposal actually doesn't limit the amount of rebates that you can pay. If they wanted to, if they really thought they were all that important, they could dip into their market data connectivity pot of funds or other sources. That's not what we're looking for. What we want is transparency around pricing where investors of all ills, whether you're retail or institutional, you pay the price that you see and you get that price.