May 2015
Feature Article
STA 82nd Annual Market Structure Conference: 
Back To the Future: Trading & Regulation 2015

by Rory O'Kane, Chairman


 It's nearly June, and the Chicago Cubs are only 4 1/2 games behind the division leader St. Louis Cardinals. As a Cub fan...this is the year...2015! (a refrain usually dismissed by most by the end of May).

 But Hollywood made the call in 1985.  A film called 'Back to the Future' starring Michael J. Fox, predicted what would transpire in 2015. Thrust into the future...Michael J Fox's character Marty McFly  revisted, repaired, and rewrote history...and in that picture the Cubs were World Series Champions (the first since 1908)!

Our industry must feel a lot like Marty this year, revisting issues and debates we thought long settled by Reg NMS. Repairing confidence and integrity, and working with regulators and legislators, focused on the goal of making our markets better. Not more complex, but more transparent and better.

 Encapsulating that theme...our title to this year's conference is "Back to the Future: Trading and Regulation 2015". We will debate, review and advocate those issues most pressing to our industry, our members and the Washington powers that be. 

 Back in Washington (and as Yogi Berra once said it's "d�j� vu all over again"), our 82nd annual conference is slated for September 30-October 2nd.  Once again, Affiliate SEC and Hill visits will kick off this year's event. And this year's venue, the JW Marriott on Pennsylvania Avenue, is a much larger facility and will easily accommodate our anticipated uptick in attendance from last year's 625 registrants. 

Early commitments from speakers: SEC Commissioner Kara Stein and Charlie Cook are just some of the expected participants. Panels on Options: Where have all the market makers gone?; The Tick Pilot: Now the Hard Part; Unbundling: Value and Institutional Transparency;  Retail & Institutional: Discrepancy and Dependency, are among the many panels, fireside chats and multiple speakers that will address todays issues confronting us. 

 We expect this year's event to build on the success of years past and welcome all to attend. Lastly, we would like to thank all our sponsors. We appreciate your support and partnerships, for without you, the STA could not achieve its intended goals. A list of all of our Sponsors is below and for those firms who are still considering a sponsorship, we encourage you to view this year's package. 


 Here's to wishing all a great summer and looking forward to seeing you in DC in October for another outstanding conference (and hopefully, a Cubs pennant too!)

View all current sponsors and partners HERE


2015 Sponsorship information.  For further details go here 


  Capitol Hill_PJD
News From the Hill

Optimizing Our Equity Market Structure Opening Remarks at the Inaugural Meeting of the Equity Market Structure Advisory Committee - 5.13.15 
In her remarks, Chair Mary Jo White stated that maintaining and enhancing the high quality of the equity market structure is a main priority of the SEC and this Committee will play an important role in that. Read full remarks here

SEC and FINRA to Hold National Compliance Outreach Program for Broker-Dealers -5.8.15 

The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) today announced the opening of registration for their 2015 National Compliance Outreach Program for Broker-Dealers.  The program is intended to provide an open forum for regulators and industry professionals to discuss compliance practices and exchange ideas on effective compliance structures. Read full press release here.

Order Approving the National Market System Plan to Implement a Tick Size Pilot Program - Williams & Jensen Report- 5.7.15

On May 6, the Securities Exchange Commission (SEC) released an order approving the National Market System (NMS) Plan to implement a Tick Size Pilot Program for a two year period. Following a one-year implementation period the tick size pilot will begin by May 6, 2016. The pilot will consist of a control group of 1400 securities and three test groups each with 400 securities.

Read full plan here

SEC Announces Outreach Programs to Help Firms Comply With Regulation Systems Compliance and Integrity -5.5.15

The Securities and Exchange Commission today announced it has opened registration for outreach programs to help firms comply with an SEC rule that aims to protect investors by strengthening the technology underpinning U.S. securities markets.  Read full press release here
Open Call 
brought to you by Nasdaq

SEC Market Structure Advisory Committee Meeting Review - May 20, 2015 

On May 13th the SEC Equity Market Structure Advisory Committee (EMSAC) convened its first meeting to discuss and debate Rule 611, "the trade-through rule".  


"It is unfortunately, more often the case that changes to the equity markets do not take into consideration impacts to the listed options until the rules or changes have been finalized. Eric Noll made this same observation in his opening remarks at the SEC EMSAC meeting" Jim Toes, President & CEO, STA. 


Our Open Call discussed some the varying opinions expressed by the Committee members. 


Presenting on the call was:


Eric Noll

President and Chief Executive Officer



Click here for call materials.


Taking Stock 
brought to you by JonesTrading

To Wall Street's Moms

by Jim Toes


The challenges that all women face in the financial services industry are unique. As women go on to become moms, their career challenges only grow. Striking a balance between career and family is acutely felt by Wall Street's moms. As such they deserve our admiration and support, not just for one Sunday in May, but for all the other days of the year as well. 


Please take a moment to learn about Every Mother Counts, a non-profit dedicated to making pregnancy and childbirth safe for every mother and consider making a donation today.

Read full article here





Please consider donating today.

As the educational arm of the STA organization, grants from the STA Foundation are used towards STA's Monthly Newsletter, "Taking Stock" articles, Open Calls and speakers with subject matter expertise


While much has been accomplished, there is so much more we can do to expand. Today, we kindly ask that you consider making a donation to the STA Foundation. Donations as small as $25 can help us, help you. So, please consider a donation. 


Donations of $150 or more will receive a limited edition of the Vineyard Vines Cherry Blossom tie with the US Capitol image made exclusively to honor the annual Cherry Blossom Festival in Washington DC.  

To make a donation, go HERE


Receive a limited edition tie for your donation of $150 or more. Please allow 2 weeks for shipping (tie pattern displayed above)

History of the Cherry Blossom Trees

Each year, the National Cherry Blossom Festival commemorates the 1912 gift of 3,000 cherry trees from Mayor Yukio Ozaki of Tokyo to the city of Washington, DC. The gift and annual celebration honor the lasting friendship between the United States and Japan and the continued close relationship between the two countries.


Learn more about the STA Foundation HERE



SFSTA  85th Annual Conference
June 5-7, 2015 
The STA Events calendar keeps you informed on both national and  local STA events.  Join other security trading professionals to connect, learn and be inspired by the wide variety of panel discussions, keynote speakers, exhibitors and networking opportunities.

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