For years public companies and brokers have complained about high fees at Nasdaq and the NYSE, but they’ve paid up for access to America’s deep capital markets. Even so, the duopoly’s fees have helped drive some 40% of trading volume off the two exchanges, resulting in less liquidity and worse pricing on the exchanges.

Securities and Exchange Commission Chairman Gary Gensler’s solution? Force brokers like Robinhood to funnel small retail orders into public auctions operated by the exchanges, where market-makers like Citadel would compete for the best price with institutional investors. His proposed regulation, like other SEC rules, would strengthen the duopoly.

TXSE investors have a better solution: Reduce fees and create other incentives that make exchange-based trading more attractive, improving liquidity and prices for all investors. The Texas Stock Exchange also seeks to offer public companies and exchange-traded product sponsors more “predictability around listing standards and associated costs.”