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April 2016

Feature Article

"Clear-Eyes" by SEC Chair Mary Jo White

by Jim Toes

At last week's SEC Equity Market Structure Advisory Committee (EMSAC), Chair White ended her opening remarks with a statement that has become a hallmark on her approach in effecting regulatory changes, "As I have said before, while we do not require perfect solutions, our regulatory changes must be informed by clear-eyed, unbiased, and fact-based assessments of the likely impacts - positive and negative - on market quality for investors and issuers".

Chair White is correct that she has spoken these words before. In fact it was June 2014 at a Sandler O'Neill Conference when she outlined the Commission's market structure policy direction that I recall hearing them for the first time. As judged by her actions since then, the Chair has remained true to her words. While this most recent ESMAC meeting will be remembered by the lively debate and engagement among the committee members and exchange representatives the consistency found in Chair White's words is something which should make us all feel that changes will based on empirical data and a thorough vetting process.

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News From the Hill

Statement at an Open Meeting on a Notice of the Consolidated Audit Trail National Market System Plan, SEC Chair Mary Jo White

- 4.27.16

The U.S. capital markets are the most robust and reliable in the world. In recent years, technology has transformed our markets, with sophisticated market participants - including brokers, proprietary traders, institutional investors, and many others - now using computer algorithms to generate large numbers of orders to be executed at great speed. While we are constantly seeking ways to optimize our markets for investors and issuers, these developments, in general, have significantly improved the marketplace for retail and institutional investors, as well as supporting the capital needs of small and large issuers.

SEC Equity Market Structure Advisory Committee Williams & Jensen Report from April 26, 2016 Meeting
On April 26, the Securities and Exchange Commission (SEC) convened a meeting of the Equity Market Structure Committee (Advisory Committee, or EMSAC) to discuss: (1) a framework for a potential access fee pilot; (2) recommendations relating to trading and venues regulation; and (3) Market Quality Subcommittee and Customer Issues Subcommittee status reports.

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Women in Finance

STA Women in Finance Ring NYSE Opening Bell

Congratulations to STA's Women in Finance Committee and all its members on today's ringing of the NYSE Opening Bell in recognition of the first ever STA Affiliate national clothing drive.

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Save the Date

The STA's 83rd Annual Market Structure Conference

Please join over 700 financial services industry professionals as we gather during this Presidential Election season to discuss issues which affect our markets and the investors we serve. Hear and discuss the opinions of our chief regulators, congressional representatives and industry thought leaders.

2016 Conference Details >

Purchase a Washington DC Cherry Blossom Tie Today!


	Limited Supply

The STA Foundation is selling a limited supply of Washington DC Cherry Blossom ties made by Vineyard Vines.

The STA Foundation, a not-for-profit 501( c ) 3 corporation that was organized by the STA in 1990 and serves as the educational arm of STA Inc.

For a $100 donation you 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 >

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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.