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And exchanges say the rebates are necessary to attract people who will make markets with ordinary investors, providing those investors with the ability to liquidate their holdings whenever they want.
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"I hate when they say they can make markets because they have relationships with people.
The long road to making markets work starts with marketplaces.
With each new trade, it has less and less to do with energy, and more and more to do with making markets.
Investment bankers and other employees not directly involved with making markets may not return immediately, although that decision will be up to individual firms, Mr. Simmons said.
The White House renewed its support for a ban on banks that take deposits from making market bets with their own money -- a practice known as proprietary trading.
He oversaw the company's advertising campaign during the so-called Cola Wars, making marketing deals with celebrities like Michael Jackson, Madonna and Michael J. Fox.
The two bills differ on what has become known as the Volcker Rule -- a ban on banks making market bets with their own money, as opposed to trading on behalf of their clients.
In the six months ended in June, revenue declined 25 percent from the same period in 2010, partly as a result of new rules prohibiting banks from making market bets with their own money.
In January, the White House embraced a proposal by Mr. Volcker that would ban banks that take customer deposits from running their own proprietary trading operations, or making market bets with their own money.
Along with derivatives, another area where the House and Senate bills significantly differ concerns the so-called Volcker Rule, a proposal to stop banks from engaging in proprietary trading, or making market bets with their own money as opposed to trading for their customers' benefit.
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