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SEC chair nominee says he will evaluate payment for order flow practice at the heart of the GameStop saga

SEC chair nominee says he will evaluate payment for order flow practice at the heart of the GameStop saga

Gary Gensler.
Chip Somodevilla/Getty Images




Gary Gensler is being considered to be the next chairman of the Securities and Exchange Commission.




He said the agency under his watch would at look ensuring investors get "best execution" for their trades and whether payment for order flow provides that.




Gensler's confirmation hearing comes in the backdrop of questions about the "gamification" of trading for retail investors.




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Gary Gensler, the nominee to be the next head of the Securities and Exchange Commission said the agency under his watch would review issues surrounding protection and fairness for retail investors. There's been a "gamification" in trading for retail investors, and in recent months there has been "unprecedented volatility" in many stocks. This has been seen most notably in video-game retailer GameStop, said Senator Sherrod Brown of Ohio, the ranking member of the Senate Banking Committee during a virtual confirmation hearing on Tuesday.Gensler, who was nominated by President Joe Biden to be the new head of the SEC, said the agency should review, among others, a practice by some trading firms to pay third-party brokers to execute customer orders.The SEC should examine questions over "how to ensure that customers still get best execution in the face of payment for order flow," Gensler said during a Tuesday virtual confirmation hearing held by the Senate Banking Committee.
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