Exclusive: SEC scrutinizes fairness of stock exchange pricing
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6 Min ReadNEW YORK (Reuters) - The U.S. Securities and Exchange Commission is investigating whether the multi-tiered pricing system used by stock exchanges favors large brokers at the expense of small ones, according to a person familiar with the matter. Cboe said it offers different types of pricing tiers catering to all of its clients and that the tiers are the result of years of intense competition among exchanges. Bats, an exchange operator that has since been sold to Cboe, said the introduction of tiered pricing for its markets in July 2011 helped increase revenues by $14.6 million over the rest of that year.
As said here by John McCrank