On Wednesday, the U.S. Securities and Exchange Commission voted to put forth some of the most significant reforms to the organization of the country’s equity markets in nearly 20 years, intending to enhance competition, transparency, and fairness.

In addition to lower trading increments and access fees on exchanges, the proposals also include new rules that would mandate that marketable retail stock orders be sent to bids before they are executed, a new standard for brokers to demonstrate that they get the best executions for client orders, and a new standard for market data.

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