#美国众议院市场结构讨论草案

The recent Securities Market Structure Reform bill proposed by the U.S. House of Representatives has sparked heated discussions. The bill aims to optimize trading rules, enhance market transparency, and strengthen protections for retail investors. Key content includes limiting the advantages of high-frequency trading, regulating payment for order flow (PFOF) models, and promoting fair competition among stock trading venues.

Supporters believe that the reforms will curb the technical monopoly of institutions, narrow the gap between retail and professional investors, and rebuild market confidence. However, opponents warn that some provisions could increase trading costs, weaken market liquidity, and even force brokers to pass costs onto ordinary investors.

The current focus of contention is how to balance "efficiency" and "fairness." If the bill passes, the U.S. capital markets may see the largest regulatory adjustment since 2008, with impacts radiating throughout the global financial system. The legislative game is still ongoing, and the final proposal may determine the market ecosystem for the next decade.