The SEC said it would allow rival exchange group Cboe to implement a mechanism that lets traders bypass paying fees to NYSE and Nasdaq when they seek to buy or sell shares at daily closing prices
Regulators have dealt a blow to the New York Stock Exchange and Nasdaq Inc. by loosening their grip on the 4 p.m. closing auctions that determine end-of-day prices for thousands of stocks.
The Securities and Exchange Commission said Tuesday that it would allow a rival exchange group, Cboe Global Markets Inc., to implement a mechanism that lets traders bypass paying fees to NYSE and Nasdaq when they seek to buy or sell shares at daily closing prices.
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