With the SEC poised to vote on what could be the biggest transformation to the New York Stock Exchange since its founding in 1792, fund companies still think the new rules are flawed.

While the goal is to update the national market system by executing orders at the best price regardless of which exchange that price exists on, even if that means taking the order off the live auction market and putting it on an electronic crossing network, the Investment Company Institute says the controversial broker agency interest file will defeat that objective by keeping hundreds of thousands of orders the private domain of NYSE floor brokers.

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