Retail investors are routing over 90% of their orders to a handful of market makers, and its time to 'breathe more competition' into the stock market, SEC chief Gary Gensler says

• Retail investors rout 90% of their orders to a handful of market makers. 
• This costs retail traders $1.5 billion a year, SEC chief Gary Gensler said. 
• The regulator wants to promote heightened competition among market makers. 

Retail investors are routing the majority of their orders to just a handful of market makers, and it's time to "breathe more competition" into the stock market, according to Securities and Exchange Commission boss Gary Gensler.

Though stock markets use competitive auctions in some settings,over 90% of individual traders are routing their orders to a small group of wholesalers in "the Dark Market," Gensler said.