W&J Report on STA Foundation Equity Market Symposium

On April 10, SEC Chairman Jay Clayton gave a speech focused on his equity market structure priorities at an event sponsored by the University of Chicago and the Security Traders Association (STA) Foundation. SEC Trading and Markets Division Director Brett Redfearn also gave remarks at the event.

Chairman Clayton noted that in addition to the transaction fee pilot program proposed last month, the SEC intends to vote on final rules “in the coming months” on the 2015 proposal to enhance alternative trading system (ATS) disclosures and on the 2016 proposal on broker order routing disclosures. Clayton also noted that the SEC’s Division of Trading and Markets plans to hold several staff roundtables on specific equity market structure topics. He explained that the roundtables will be: (1) market structure for thinly-traded securities, to be held on April 23; (2) access to markets and market data; and (3) regulatory approaches to addressing retail fraud. A summary report can be found here