UPDATE 3-U.S. stock exchange pricing model comes under fire at Senate hearing

The pricing model used by U.S. stock exchanges to attract liquidity came under fire on Tuesday, as several Wall Street executives called for ending the practice and a prominent U.S. senator raised concerns it creates too many conflicts. In a U.S. Senate hearing, top officials from both Intercontinental Exchange’s New York Stock Exchange and money manager Vanguard expressed support for ending to the “maker-taker” model: a system used to reward brokers who make offers to buy or sell stocks on exchanges. “We are seeking support for the elimination of maker-taker pricing,” NYSE President Thomas Farley said in prepared testimony. “Broad adoption of this policy would reduce the conflicts inherent in such pricing schema.” More on Reuters here.