Together, Building Tomorrow’s Markets Today
by John Daley, Chairman of the Board
June has been busy as the discussions and debates continue around our current market structure. On June 5th we received comments from SEC Chair Mary Jo White. On High Frequency Trading Chair White mentioned a potential anti-disruptive trading rule, registration, improving risk management of algorithms, minimizing data latency, and data feed disclosure. On ATS’s and Dark pools, Chair White is looking for more volume disclosure and a possible relook at the trade through rule. Transparency was a focus as well, where she commented on order routing disclosures, order types, and conflicts of interest. Finally, she is looking to establish a new Market Structure Advisory Committee with industry experts to advise her.
"We felt the title fit perfectly into what is happening today in our markets and the importance of all market practitioners coming together, speaking up, and working together to improve our markets for the future."
Then it was the Senate, who held back to back hearings on equity market structure. The first, on June 17th focused on maker/taker, payment for order flow, and conflicts of interest. The second, on June 18th focused around getting a better understanding on how High Frequency Trading impacts capital formation. This week, we will be watching a Thursday House hearing on oversight of the SEC’s Trading & Markets. STA has long been in favor of a complete review of market structure and we hope to start getting more details soon.
After watching these events in June and looking out to other, I am pleased to announce preliminary details regarding STA’s 81st Annual Market Structure Conference, taking place four months from now.
First, your Board chose the title; “Together, Building Tomorrow’s Markets Today” for this year’s conference. We felt the title fit perfectly into what is happening today in our markets and the importance of all market practitioners coming together, speaking up, and working together to improve our markets for the future. I encourage you to get involved in this process and let us make sure we focus on the data and not just on emotion.
Second, this year’s location will once again be Washington DC from October 1-3, 2014. The legislative and regulatory processes continue to play a role in our industry. As such, it is critical for the STA to bring “Wall St” to “Pennsylvania Avenue” so our nation’s legislators, regulators and their staff can hear from our industry’s brightest minds; and our members get to hear from them as well. Last year, more than 500 such professionals attended and participated on industry panels. This year’s panels will be equally as informative and will offer diverse perspectives on such topics as; dark pools, HFT, social media, retail, buy side, options, and macro & markets. We also will have several speakers including SEC commissioner Dan Gallagher and FINRA’s Rick Ketchum, with much more to come. We are confident that this year’s event will be equally successful as years past and we welcome you all to attend.
Registration opens on Thursday, June 26th and you can go to the STA website as www.securitytraders.org to learn more. Please attend. Get involved and Stay informed!
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