Good evening and welcome to tonight’s Open Call on the SEC’s Access Fee Pilot  and items of specific interest for asset managers. Tonight’s call is brought to you by the STA Foundation a 501 c 3 corporation that serves as STA’s educational arm.  At a March 14, open meeting the Securities and Exchange Commission (SEC) voted unanimously to “propose a rule under Regulation NMS to conduct a transaction fee pilot for NMS stocks to study the effects that transaction-based fees and rebates, and changes to those fees and rebates, may have on order routing behavior, execution quality, and market quality;” The fee pilot, was first proposed in July 2016 by a committee of market experts picked by the SEC, EMSAC and with broad support from buy side firms would require all exchanges to test capping fees lower than their current levels across different buckets of stocks, reducing the amount of funds available to pay rebates. Here with us this evening to talk about the items of specific interest for asset managers is Adam Sussman, Head of Market Structure for Liquidnet.

See Executive Report here