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Frucher asserted that competition among exchanges has driven innovation in the securities markets, and regional exchanges have often been at the forefront of that modernization, offering new pricing structures, more advanced technology and modified trading rules.
"The regional exchanges provide a counterbalance to the NYSE and big players in the market," said Frucher. "We've been pushed to offer strong innovations and new business models to survive, and I am gratified that I can outline for the Subcommittee programs like our Remote Competing Specialist system that have benefited our exchange and the investing public overall."
In his testimony, Frucher called on the SEC to address specific market structure issues that affect the health of the markets and the competitive posture of the regional exchanges, including: the ability of exchanges to share market data revenues, the need to abolish exchange-sponsored payment for order flow programs and the continuation of the regulatory oversight currently provided by exchanges.
"These are issues that are at the center of the evolution of the securities markets," Frucher added, "and history has proven that ensuring competition among market centers leads to stronger markets, for large institutions and for mom and pop investors."
The complete testimony is available on the PHLX website.
The Philadelphia Stock Exchange (PHLX) was founded in 1790. The PHLX trades more than 2,000 stocks, 1,000 listed equity options, 14 sectors index options and currency pairs. For more information about the PHLX and its products, visit www.phlx.com.
