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Thoughts on the SEC's GameStop Report - The Saga Has Just Begun

October 19, 2021

The 45-page, months-in-the-making-missive devotes surprisingly little ink to equitymarket-structure issues that SEC Chair Gary Gensler has been publicly hinting it mightexplore in great depth. These include the impact of growing off-exchange activity onpublic-market quality and the “payment for order flow” that some retail brokers acceptfrom off-board market makers. Such topics get brief mentions in the report’s firstsection, which mostly provides an overview of recent retail-brokerage-industrydevelopments and how retail orders are executed, cleared and settled

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