February 2016
Feature Article

SEC Proposed Amendments to Regulation ATS
by Jim Toes

Earlier today, the STA filed its comment letter on the SEC's Proposed Amendments to Regulation ATS. On behalf of the STA Board and 24 affiliate organizations, I would like to thank the SEC and its staff for writing an extensive and highly detailed proposal that obviously entailed great amounts of research and due diligence. 

Like many of you, I believe in statements which go along the lines that transparency is the best of disinfectants. But, I do not believe 100% transparency is a goal any industry should strive for as there are costs, both explicit and implicit to the producer and receiver of the information.  To be clear, the STA is very supportive of SEC's Proposal and its worthy policy goal. We believe that they have identified the data points that market participants need for achieving operational transparency on how ATSs operate. However, we are concerned that the amounts of data produced will distract market participants and make it extremely difficult to differentiate between data that is important and that which is not. Our letter highlights this point and we do offer recommendations.  We hope that after the Commission processes all of the industry's comment letters they will find ways to focus and target on what is really required to achieve the policy goal. 

"Transparency, unlike other forms of regulation, has a major disadvantage: it assumes that those who receive the information released by producers or public officials can properly process it and that their conclusions will lead them to reasonable action." The Right to Know, by Ann Florini

Open Call
Brought to you by Nasdaq

SEC Equity Market Structure Advisory Committee Feb 2 Review
On Tuesday, February 2, 2016 at 9:30am the SEC EMSAC held its third meeting. The Committee will focus on August 24, 2015 and certain issues affecting customers in the current equity market structure.

Reginald "Reggie" Browne
Senior Managing Director, Cantor Fitzgerald & Co.
Member EMSAC

Women in Finance
Save the Date

The Security Traders Association Women in Finance is teaming up with Dress for Success for a clothing drive & gathering in NYC Join us to launch a national campaign of STA's collaboration with Dress for Success.

We will be collecting nearly new or gently used women's professional clothing and accessories. Donations should be clean and ready to wear. Dress for success is always in need of accessories like shoes, handbags, briefcases, belts and jewelry too. All donations are tax deductible!

STA WIF & Dress for Success
National Kick Off
April 21, 2016

The STA is looking for a 2016 Official Sponsor for its Women in Finance initiative.
  Capitol Hill_PJD
News From the Hill

Stephen Luparello and Richard Ketchum to before the Senate Banking Subcommittee on March 3rd
The Committee on Banking, Housing, and urban affairs subcommittee on securities, insurance, and investment will meet in open session to conduct a hearing on "Regulatory Reforms to Improve Equity Market Structure." The witnesses will be: Mr. Stephen Luparello, Director of Division of Trading and Markets, U.S. Securities and Exchange Commission; and Mr. Richard Ketchum, Chairman and CEO, Financial Industry Regulatory Authority.

SEC Investor Advocate Fleming on.. 
"..whether it makes sense for a for-profit business to be entrusted with the regulatory responsibilities of an SRO".
Upcoming Events
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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.

Security Traders Association of Los Angeles
Annual Conference
March 18-20, 2016
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