Intercontinental Exchange Inc is proposing a trade-off between exchanges and brokers that would include cutting fees for trading stocks, the Wall Street Journal reported, citing people familiar with the matter.
The New York Stock Exchange would drop the fee for trading stocks at its exchanges to 5 cents per 100 shares from 30 cents, the Journal said, citing a draft letter being circulated among large banks and investment firms.
Banks, in exchange, would accept a rule known as "trade at" that would give more precedence to the stock exchanges, except for transactions involving large blocks of stock and retail investors, the Journal said.
A trade-at rule would mandate that stock trades take place on exchanges unless private venues, such as dark pools, offered a significant price improvement.
Credit Suisse Group AG, which operates the largest dark pool, has agreed to endorse the proposal, the Journal reported.
ICE acquired NYSE Euronext Inc last year for $8.2 billion and made it a division of ICE called NYSE Group.
ICE and Credit Suisse declined comment.
(Reporting by Neha Dimri in Bengaluru; Editing by Joyjeet Das)