Wall Street's $43-trn stock trading to see major overhaul in over a decade

The regulator wants to reduce the rebates that exchanges can offer brokers in their own bid to pull more trades onto those platforms

US regulators took the first step toward the most widespread revamp in more than a decade of the way stocks are traded, a move that aims to spur better prices for investors and direct more business to traditional exchanges.  

The Securities and Exchange Commission laid out four proposals on Wednesday that Chair Gary Gensler says would boost transparency and competition. They delve into the guts of how the $43-trillion market works, and affect everything from order routing to pricing and disclosures that brokers must make to clients.

The SEC’s plans, which a majority of the agency’s five commissioners voted to propose on