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Illustration: Aïda Amer/Axios

The Nasdaq, NYSE and the Cboe are seeking to block their regulator, the SEC, from implementing a new pricing program. The 3 exchanges say the program would harm investors by driving up trading costs, but those who are in favor of the rule say investors are better off.

Why it matters: The SEC says what's been called the "biggest stock market experiment in more than a decade" is designed to benefit retail investors. But the stock exchanges are fighting back against a major prong in Trump appointee Jay Clayton's push to re-regulate stock exchanges.

What's happening: Later this year, the SEC will begin a pilot program for up to 2 years that would prohibit exchanges from paying some fees to big brokers like Charles Schwab or TD Ameritrade.

  • The operators, which together control all but one major U.S. stock exchange, use fees to attract brokers to execute trades on their exchange as opposed to carrying out orders on private exchanges — which offer brokers no fees.

What they're saying:

  • "The SEC's transaction fee pilot is the exact opposite of what our markets need. It will harm capital formation [and] severely damage market participation with wider spreads," a Nasdaq spokesman tells Axios in a statement.
  • The current fee structure has helped "offset consequences — such as reduced liquidity — of SEC policies," NYSE President Stacey Cunningham said in an op-ed last week.

The other side: The current system, allows exchanges to “pay incentives for people to send investors’ orders to places where they get a worse price,” John Ramsay, IEX Group's chief market policy officer and former acting head of Trading & Markets at the SEC, tells Axios.

  • James Angel, a finance professor at Georgetown who's filed public comment in support of the SEC's program, says most investors would "need an electron microscope to detect the difference" in trading costs when the pilot goes into effect.

What to watch: That the fight between the exchanges and the SEC has escalated to two separate court filings is unusual because the "SEC usually consults closely with the exchanges," Adam Clark Joseph, a finance professor at the University of Illinois, tells Axios. "In the past, lots that has been subject to disagreement ... has gotten smoothed out in advance."

Our thought bubble: Clayton, a lawyer who made millions from his firm's work with Wall Street banks like Bear Stearns and Goldman Sachs, has made pushing for the "interests of America’s retail investors" a primary focus of his administration. It appears this iteration has seriously stoked the ire of America's biggest exchanges. There's likely more to come.

Go deeper: SEC sues press release hackers for 2016 breach

Go deeper

The modern way to hire a big-city police chief

Illustration: Annelise Capossela/Axios

When it comes to picking a city's top cop, closed-door selection processes have been replaced by highly public exercises where everyone gets to vet the candidates — who must have better community-relations skills than ever.

Why it matters: In the post-George-Floyd era, with policing under utmost scrutiny, the choosing of a police chief has become something akin to an election, with the need to build consensus around a candidate. And the candidate pool has gotten smaller.

Felix Salmon, author of Capital
1 hour ago - Economy & Business

Speculative crypto art market takes off

Illustration: Aïda Amer/Axios

Move over, GameStop. The newest speculative game in town is NFTs — digital files that can be owned and traded on a plethora of new online platforms.

Why it matters: Most NFTs include some kind of still or moving image, which makes them similar to many physical art objects. Some of them, including a gif of Nyan Cat flying through the sky with a pop-tart body and rainbow trail, can be worth more than your house.

Caitlin Owens, author of Vitals
2 hours ago - Health

Republicans are least likely to want the coronavirus vaccine

Reproduced from Civiqs; Chart: Axios Visuals

Americans of all ages, education levels, genders, races and political parties say they're more likely than not to get the coronavirus vaccine — except Republicans.

Why it matters: Vaccine hesitancy is higher among white Republicans than any other demographic group, and it hasn't been improving much as the vaccination effort continues, according to Civiqs polling.