It's the Season of Equity Market Microstructure

Posted by Clearpool on Sep 30, 2019 4:30:00 PM

As we enter the season of market structure conferences, we are sharing Clearpool's annual Market Structure Viewpoints—our view of some of the most pressing equities market microstructure matters that support transparency and fair and equitable access to our markets.

This season kicked off in NYC with SIFMA’s Equity Market Structure Conference, which opened with Commissioner Roisman stating, "This year, the season is particularly exciting. Many of the issues that have been raised repeatedly since the adoption of Regulation NMS—and discussed and scoped over many years—are now very much on the SEC’s radar."  During his keynote, the Commissioner discussed exploring non-prescriptive guidance to achieve best ex, potential ideas to reform OPR, OMS transparency, and clarity around Finders.

The day continued with discussions on research payments, the exchange and regulatory landscape, and balancing innovation and market complexity, then closed with a conversation with SEC Director Redfearn.

The complexity and fragmentation of the US equity markets were top of mind and led to insightful conversations on ways to improve our markets.

Clearpool's Viewpoints provides a unique perspective on equity market structure. It's our assessment of the implications that regulations have on mid-sized broker-dealers and institutional order flow.

In our 2019 Viewpoints, we discuss the following:

  • Importance of Transparency
  • Market Structure Reform – Looking Forward
  • Re-Examining Best Execution

We review and provide recommendations for areas of market structure including, but not limited, to reforming the SIP, market data costs, OPR, NMS plan governance and examination of market risk.

As the conference season continues, we look forward to discussing these issues with our partners and at STA's upcoming 86th Annual Market Structure Conferencewhere our CEO, Joe Wald, will moderate the broker-dealer panel.

As a technology provider and independent agency broker-dealer, we are committed to being an active participant in ensuring the regulations overseeing the markets are fair and equitable and allow for the most orderly, efficient and competitive markets possible.

We hope to see you in DC. 

Topics: Market Microstructure, Clear Perspective

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