Nasdaq and NYSE Say Thanks, But No Thanks to SEC Auctions

Also, Gensler's calendar updated through January; a top banking lawyer moves to Davis Polk; SEC schedules an unusual open meeting

The SEC proposal to bring more competition to retail trading envisions individual investors’ orders getting routed to “fair and open auctions” where they get the best possible price. The biggest U.S. stock exchanges would likely have to run those marketplaces. But in one of the more surprising turnabouts in the market structure overhaul, both the New Yo…