October 2015
Feature Article

"Wait Till Next Year"...
by Rory O'Kane

I was hoping not to utter those words until November. But it was not to be...this year.

The Cubs and all the MLB teams that made it to the playoffs this year had one key ingredient: Difference Makers. The Mets just had more...and at the right time.

If you are a sports fan, you probably heard this phrase used by the media talking heads to describe the highly skilled athlete who can 'make the difference between winning and losing'. A Difference Maker is an individual, but by extension of his or her skills, makes their team a winner. I look at our Board of Directors, our Board of Governors, at our organization at-large and see each member as a Difference Maker. How do you get more than 4,300 individuals, from 24 affiliates, representing all facets of the financial services community on the same page toward making a difference?

Open Call
brought to you by Nasdaq

Please join us to discuss the October 27th SEC Equity Market Structure Advisory Committee meeting. Presenting on the call will be

 Joe Ratterman, 
Chairman of BATS Global Market 

Thursday October 29th, 4:30 PM - 5:00 PM
Dial-in: 1.800.346.2923 Pass code: 142 034#
Taking Stock
brought to by Jones Trading

What's right about a financial transaction tax? 
by Jim Toes

Much has been written since presidential candidate Hillary Clinton released her financial markets reform plan, "Wall Street Should Work for Main Street". One item which has received acute criticism is her proposed financial transaction tax, or "FTT", on high-frequency trading. Mrs. Clinton is not the first political figure to recommend an FTT, but she is the first to design one with the nuanced attribute that a tax on financial transactions cannot raise revenue AND curb certain types of trading behaviors which policymakers deem a threat to the stability of financial markets. According to an article in the Huffington Post, the point of Mrs. Clinton's FTT:
"..is not to generate revenue, campaign sources say, but to curb risky and abusive behavior on Wall Street. If the tax worked, risky trades would diminish. The result would be paltry funds for the U.S. Treasury, but a stronger financial foundation for the American economy".
STA Women in Finance

The STA Women in Finance initiative will launch December 1st. 

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  Capitol Hill_PJD
News From the Hill

SEC Equity Market Structure Advisory Committee Meeting - October 27, 2015
On October 27, the SEC convened a meeting of the Equity Market Structure of Trading Venues; and Recent Market Volatility.
The Advisory Committee created subcommittees to focus on four issues: Regulation NMS; trading venue regulation; retail customer issues; and market quality.
Steve Luparello (Director, Division of Trading and Markets, SEC) said he hopes that the Subcommittees will present at the next EMSAC meeting, which he expects will be in January.

Testimony on "Oversight of the SEC's Division of Investment Management", David W. Grim, Director, Division of Investment Management - October 23, 2015
The tripartite mission of the Commission is to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation.  The Division promotes this mission through regulating the asset management industry.  A primary function of the Division is to administer the Investment Company Act of 1940 (Investment Company Act) and Investment Advisers Act of 1940 (Investment Advisers Act) and to develop regulatory policy for both investment companies - including mutual funds, closed-end funds, business development companies, unit investment trusts (UITs), and exchange-traded funds (ETFs) - and investment advisers, all of which play a major role in the lives of Americans and our national economy.

How Can the Markets Best Adapt to the Rapid Growth of ETFs, Commissioner Luis A. Aguilar - October 15, 2015
Today, the IAC's agenda includes several topics important to investors. There are two particular agenda items that I would like to highlight. First, I am pleased that the Committee will be discussing recent market structure developments. I recently discussed this topic at length in a May 2015 statement on the structure of the U.S. equity markets, which some would describe as a tome at 12 pages and 184 footnotes.

Charitable Giving 
This year, we are pleased to announce that STA National is supporting the Semper Fi Fund.
The Semper Fi Fund, and its program America's Fund, provide immediate financial assistance and lifetime support to post 9/11 wounded, critically ill and injured members of all branches of the U.S. Armed Forces, and their families, ensuring that they have the resources they need during their recovery and transition back to their communities.

Learn more about the Semper Fi Fund 


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STA Denver Annual Conference
December 4-6

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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