With summer firmly in the rearview mirror, we’re only weeks away from autumn and the beginning of year-end planning. 2023 resource allocation, budgeting tech spends, headcount hires, and broker lists are just around the corner. For the average buy-...

If you’re anything like we are here on the Market Structure & Technology team, looking for good market structure content to read on vacation is par for the course. So as we head into prime vacation/holiday-taking time, I’d like to offer up some...

I was touring Ireland before the internet was widely available and chose to stay at a place called the Creek View Inn, or something to that effect. I was, therefore, expecting to see a creek (you can probably see where this is headed). When I got...

Risk abounds for financial institutions! Ongoing investment trends along with market dynamics have been pushing market participants to deal with numerous frictions. Against a backdrop of dizzying macroeconomic forces, portfolio diversification has...

In case you haven’t noticed, we are living in an environment where regulators are keen to address advisor relationship practices that jeopardize retail investors. Historically, the U.S. Securities and Exchange Commission (SEC) and the Financial...

The days of corporate bond portfolio trading estimates are coming to an end. FINRA has proposed and the SEC has approved a new rule (proposed FINRA Rule 6730(d)(4)(H)) that will require corporate bonds traded via a portfolio trade be reported to...

Shane Swanson and David Easthope discuss the recent SEC proposal to update the definition of “exchange” and the potential implications for technology firms, particularly those trading crypto, digital assets, and others in the DeFi ecosystem. The...

The evolution of investment funds happens slowly—sometimes at a glacial pace. While U.S. securities laws and regulations that apply to investment funds are time-tested, they were written decades ago and do not take into account the market structure...

At the January 26, 2022, SEC Open Meeting, the Commission voted 3 to 1 to: Propose amendments to Exchange Act Rule 3b-16 (the definition of “Exchange”); Re-propose a modified Regulation ATS for ATSs that Trade U.S. Government Securities (...

If one aspect of trade surveillance has remained consistent throughout the years, it is that change is constant. Whether driven by regulatory enforcement or environmental factors, surveillance practices are compelled to advance at the same (or...