Virtu CEO ‘Alarmed’ by SEC Effort to Overhaul Stock-Trading Rules
- SEC under Gensler is proposing new rules for equities market
- ‘We are alarmed by the current SEC comments,’ Cifu says
Doug Cifu
Photographer: Eliot J. Schechter/NHLI/Getty Images
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Virtu Financial Inc. Chief Executive Officer Doug Cifu criticized the US Securities and Exchange Commission and Chair Gary Gensler’s efforts to change the way equity trades are processed, saying that proposed changes could hurt financial markets.
“We are alarmed by the current SEC comments that reflected diversions from the SEC’s longstanding goal of enhancing and protecting the retail-investor experience,” Cifu told analysts and investors on the company’s earnings call Thursday. “The SEC has assigned itself an ambitious agenda with numerous interrelated market structure reforms that could significantly alter our efficient, accessible and resilient financial markets.”