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On Wednesday, April 19, buy-side, sell-side, exchanges, and academics gathered to holistically examine the impact of the SEC's equity market structure proposals on investors and equity markets. A follow-up to SIFMA's Equity Market Structure Roundtable held last September, this Roundtable discussed the SEC's four proposals released on December 14, 2022:
• Disclosure of Order Execution Information;
• Tick Sizes, Access Fees, and Transparency of Better Priced Orders;
• Regulation Best Execution; and
• Enhancing Order Competition.
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Download the Roundtable Debrief from SIFMA Insights, view the transcript and watch the Roundtable replay on demand.
Download the transcript.
- Ashley Banfield, Co-Head, US Sector Trading, Fidelity Investments
- Robert Battalio, Professor of Finance, University of Notre Dame
- Gregg E. Berman, Ph.D., Director of Market Analytics & Regulatory Structure, Citadel Securities
- Matt Billings, Senior Vice President, Trading Services, Two Sigma
- Michael Blaugrund, CFA, Chief Operating Officer, NYSE
- Stephen Cavoli, Executive Vice President, Global Head of Execution Services, Virtu Financial
- Diwa Cody, Vice President, Head Equities Market Structure and Strategic Partnerships, Goldman Sachs
- Michael Costley, Vice President, Equity, Option & Advisory Trading, Ameriprise
- Jessica D’Alton, Executive Director, Head of America’s Market Structure and Liquidity Strategy, UBS
- Hubert DeJesus, Global Head of Electronic Trading & Market Structure, BlackRock
- Dan Gallagher, Chief Legal Officer, Robinhood; Former SEC Commissioner
- Alan Goldberg, Associate Director, Susquehanna
- Christopher Gwozdz, Head of Order Flow Management, Fidelity Capital Markets, Fidelity Institutional
- Terrence Hendershott, Professor & Faculty Director, Haas School of Business, UC Berkeley
- Adam Inzirillo, SVP, Head of North American Equities (CAD + US), Cboe Global MarketsÂ
- C. Annette Kelton, Managing Director, Senior Counsel and Co-Head of Equities Legal, Goldman Sachs
- JJ Kinahan, CEO of IG North America, tastytrade
- Mehmet Kinak, Global Head of Systematic Trading & Market Structure, T. Rowe Price
- Chris Larkin, Managing Director, Digital Brokerage Product E*TRADE, Morgan Stanley
- Craig Lewis, Madison S. Wigginton Professor of Finance, Vanderbilt University
- Nicholas Losurdo, Partner, Goodwin Procter LLP
- Chuck Mack, Head of US Equities, Nasdaq
- James Martielli, CFA, CAIA, Head of Investment & Trading Services, Vanguard
- Michael Masone, Director, Head of Americas Equities Market Structure, Citigroup
- Rick McDonald, Director of Compliance, Susquehanna
- Joe Mecane, Head of Execution Services, Citadel Securities
- Ovidio Montemayor, Managing Director, Financial Markets Services, Charles Schwab | TD Ameritrade
- Sapna C. Patel, Head of Americas Market Structure & Liquidity Strategy, Morgan Stanley
- Elad L. Roisman, Partner, Cravath, Swaine & Moore LLP; Former SEC Commissioner
- Charles A. Sommers, Partner, Securities Enforcement and Regulatory Practice, Sidley
- Chester Spatt, Professor of Finance, Carnegie Mellon University
- Debbie Toennies, Managing Director, Head of Regulatory Affairs, JPMorgan Chase & Co.
- Andrew Upward, ETF Strategist, Jane Street
- Jessica Wachter, Chief Economist and Director of the Division of Economic Risk and Analysis, U.S. Securities and Exchange Commission
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Speaker
Chief Economist, Director of the Division of Economic & Risk Analysis
U.S. Securities and Exchange Commission
Moderator
Craig M. Lewis
Madison S. Wigginton Professor of Finance
Vanderbilt University
There has never been a better time to be an investor. U.S. equity market structure is highly competitive and retail investors in particular enjoy the greatest access, best execution quality and lowest cost to investing that they have ever experienced.
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On December 14, 2022, the SEC issued four proposals to completely rewrite the regulations governing the structure of our equity markets, including how orders are priced, executed and displayed to the public. Taken together, they total over 1,600 pages of proposed rulemaking. What is lacking, in our view, is any evidence of market failure that would necessitate the wholesale revamping of the U.S. equity markets.
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Investor protection is an essential consideration. Any changes should be subject to a robust cost benefit analysis, and considered holistically with a view to ensuring there are no negative, unintended consequences for investors.
SIFMA has long called for a review of equity market structure, having previously presented recommendations designed to enhance the current structure to the SEC and Congress in 2013, 2014 and 2017. We continue to be engaged on these issues to ensure we meet the shared goal of regulators and market participants: to promote market resiliency and ensure the U.S. equity markets continue to benefit investors and play a vital role in capital formation.
SIFMA Submissions
 • SIFMA Comments on the SEC's Equity Market Structure Proposals
  • The SIFMA Podcast: Creating Risk by Fixing What's Not Broken
 • Penn + Wall Blog Post: 1,600+ Pages of "Solutions" in Search of a Problem
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SIFMA Insights
 • The ABCs of Equity Market Structure
 • Equity Market Structure Roundtable Debrief
 • Market Metrics & Trends
SIFMA Research
 • US Equity & Related Statistics
 • Research Quarterly: Equities
Conferences & Events
Mark Your Calendar for Fall 2023!
SIFMA’s Market Structure Conference:Â
The Listed Options Symposium and Equity Market Structure Conference
On September 13, 2022, SIFMA convened academics, the buy-side, sell-side (with representatives from retail, institutional and market-making businesses), and exchanges in a public forum to discuss U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler's remarks related to reforms to the U.S. equity markets.
Registration is complimentary. Pre-registration required to participate. Questions? Contact SIFMA Conferences.
This webinar is open to media participation. Contact Julianne Heberlein to register.
It is a priority to make our events inclusive and accessible for all. For questions or requests, contact SIFMA Conferences.Â
Inappropriate behavior at SIFMA events is not tolerated. View our Code of Conduct and anonymous incident report form.
This webinar will be hosted on Zoom. View instructions on joining and participating in Zoom webinars.
