Diving into one of the more controversial issues in equity market structure, U.S. regulators are moving forward with the transaction-fee pilot that will force stock exchanges to lower the fee caps on rebates they pay to brokers and market makers.
As the SEC turns to examine market structure issues in the bond markets, it comes at a time when there has been a flurry of new electronic trading venues entering with a range of protocols. FlexTrade’s Ivy Schmerken investigates.
by Ivy Schmerken, Editorial Director There is still uncertainty around the fate of the Order Protection Rule, a key rule governing U.S. stock trading that has led to more complexity, speed and order types, but also protects retail investors from receiving inferior prices on their orders. Also known as the trade-through rule, Rule 611 has …
After more than a decade of debate, regulators are poised to act on a pilot for maker-or-taker pricing, a practice whereby market makers are paid a rebate to add liquidity and are charged a fee to remove liquidity by electronic trading venues. FlexTrade’s Ivy Schmerken investigates.
With stricter regulations, capital constraints and technology costs impacting the sell side, large brokers are rationing their services and this trend is being felt on equity trading desks. FlexTrade’s Ivy Schmerken investigates.
Senators conducting a hearing on U.S. equity market structure earlier this month vented their frustrations at the slow pace of regulatory change in equity market structure reforms. At the March 3 hearing, lawmakers repeatedly cited delays in developing the consolidated audit trail, or CAT system, for market-wide surveillance, questioning to what extent progress has been made.
The SEC’s new proposed rules on transparency in alternative trading systems are going to shine a light on the operations of dark pools, ensuring fair access to information for all market participants.