Category: Talking Points

Talking Points – December 2017

STA discussion document with congressional staff for the month of December on: Consolidated Audit Trail; ETPs and Tick Size Pilot Specific Comments: Consolidated Audit Trail – Recommendation for a Revised Implementation PlanSTA delivered a letter to Thesys CAT, LLC and the Operating Committee on the draftCAT Reporting Technical Specifications for Industry Members, distributed onSeptember 7,…  Read more

Talking Points – October 2017

STA discussion document with congressional staff on: Consolidated Audit Trail; US Treasury Report and ETPs Specific Comments: Consolidated Audit Trail – Recommendation for a Revised Implementation Plan STA delivered a letter to Thesys CAT, LLC and the Operating Committee on the draft CAT Reporting Technical Specifications for Industry Members, distributed on September 7, 2017. In…  Read more

Talking Points – September 2017

STA discussion document with congressional staff on: Access Fees & Maker/Taker Models;  Disclosure-Order Handling Information; Reg NMS Plans and Market Data. Access Fees & Maker/Taker modelsAccess fees and corresponding liquidity rebates (or “maker/taker” models) have evolved andare now deeply engrained in the current market structure. STA believes that a ban or anelimination of access fees…  Read more

Talking Points – September 2017

Access Fees & Maker/Taker models Access fees and corresponding liquidity rebates (or “maker/taker” models) have evolved and are now deeply engrained in the current market structure. STA believes that a ban or an elimination of access fees would present a high risk of disruption to investors. Therefore we would support a narrowly designed pilot program…  Read more

Talking Points – March 2017

STA discussion document with congressional staff for the month of March & April on: Tick Size Pilot, SEC ESMAC & SEC Over Payment Credit Act Tick Size Pilot Data (“Pilot”) – The Tick Size Pilot has been fully implemented for over four (4) months and has produced much data as reported on and debated in…  Read more