The views of many broker-dealers are often underrepresented in the ongoing debate over market structure reform, but not understanding the impact that trading regulations may have on those broker-dealers can cause many unintended consequences.
In our recent comment letter to the SEC, we are in support of NASDAQ’s proposed new order type the Midpoint Extended Life Order, AKA MELO.
Bats recently filed a proposal with the SEC to provide brokers with a market-on-close (MOC) order type that would provide them with the closing price auctions on the NASDAQ and New York Stock Exchange, for stocks listed on those exchanges, but with lower execution fees.
We’ve released our insights on the Tick Size Pilot (TSP). We’ve analyzed our data to assess market structure changes as a result of the pilot, as well as the performance of our algorithmic strategies.
As an independent agency broker-dealer, and provider of tools to assist other broker-dealers in routing, execution, pre- and post-trade compliance and risk monitoring, we have a significant interest in ensuring that the fees exchanges charge for access and connectivity services are fair and equitable, and allow for the most orderly, efficient and competitive markets possible.