Wall Street Wins Round in Fight With Exchanges Over Audit System

“It’s not surprising that the funding structure is under scrutiny,” said Tyler Gellasch, a former SEC official who’s now at the Healthy Markets Association, a market-structure advisory group with members including OppenheimerFunds and Janus Capital Group. “It is surprising that it’s taken this long for the SEC to show any inclination that it appreciates the conflicts of interest posed by having one set of for-profit entities setting the costs for other market participants, including some of their competitors.”

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