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Promised SEC Reforms Could Upend App-Based Trading, Law360

December 15, 2022

Partner Ignacio Sandoval spoke to Law360 for an article about the potential effects of a proposal from the US Securities and Exchange Commission (SEC) directed at payment for order flow. The proposal would allow brokers to offer commission-free trading since brokers pass customer trades through a third party and collect a fee. Ignacio said the proposal could cause brokers to leave the practice behind and charge commissions to make up lost revenue.

"If retail customers are having to pay commissions again, I'm not sure that any price improvements [under the SEC proposals] are going to be offset by that," Ignacio said.

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