The SEC on Wednesday took the first step toward the stock market’s most sweeping overhaul in more than 10 years, which the agency says will result in better prices for investors and investors direct more trades to conventional exchanges.

What happened: On Wednesday, the SEC presented a number of ideas, according to the chairman Gary Genslerwould increase openness and competitiveness.

In particular, Gensler has regularly criticized payment-for-order flow (also known as PFOF), stating that it creates conflicts of interest for brokers. He has also previously said that abolishing the practice is “on the table.”

The proposal would require market participants to participate in auctions to process numerous orders in milliseconds, according to the SEC, which said it has no intention of banning PFOF. Major exchanges and most market making firms would be subject to this regulation.

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The regulator also intends to reduce the rebates that exchanges can offer brokers to encourage more trading on these platforms. Platform operators would need to start disclosing their fees upfront, rather than basing them on volume over the course of a month.

The SEC estimates the auctions could save retail investors $1.5 billion annually.

“Today’s markets are not as fair and competitive as they can be for individual investors — everyday small investors,” Gensler said in his opening remarks.

The market-making firms, which have developed algorithms and software to process trades quickly and offer customers what they call the best bargain, could be directly affected by the auctions when they are introduced.

The adjustments would also change the current business structures of the stock exchanges.

According to the proposals, shares can be traded both on the stock exchange and over the counter at smaller price steps. The SEC says the action would encourage…