A new Congress and SEC Chair are bringing a change of focus to US equity market-structure regulation. With surging, social-media-powered retail trading fueling episodes of extraordinary volatility and sending off-exchange market share to multiple record highs, government authorities are considering a range of sweeping reforms. Our panel — featuring senior executives from the two biggest exchange operators, a fast-growing retail broker, the leading off-exchange “wholesaler” of retail orders and a major institutional investor — will explore what’s likely to happen and what it all could mean.
Moderator: Justin Schack, Partner and Head of Market Structure, Rosenblatt Securities
EU and UK policymakers are facing off over European equity trading, with both sides holding fundamentally different views on how markets should be organized. Brussels is relying on an ambitious consolidated-tape plan, part of its larger MiFID II review. The UK, on the other hand, wants to refresh and simplify the web of complex EU rules it has inherited over the past 50 years. Our diverse panel will assess the state of play and discuss potential winners and losers.
Moderator: Anish Puaar, European Market Structure Analyst, Rosenblatt Securities
In the year and a half since the Covid-19 pandemic hit, buy-side head traders have managed teams remotely while adapting to new technology arrangements and a surge in off-exchange retail activity that has altered the market landscape. Traders have had to reconfigure strategies to suit changing realities regarding accessible liquidity, as well as an ever-expanding array of execution venues and order types — all while facing pressure to cut costs and boost automation. In this session, senior traders from a diverse array of buy-side firms will discuss how they’re navigating all these challenges at once.
Moderator: Valerie Bogard, Market Structure Analyst, Rosenblatt Securities
Fixed-income trading platforms have undergone tremendous growth in recent years, boosted by greater participation, rising turnover and further electronification. The COVID-19 pandemic has accelerated many of these trends, spurring record trading volumes that have showcased trading venues’ strength and resilience. But what’s in store for 2022 and beyond? In this panel, senior executives from three fixed-income platforms — representing both established players and a newer rival — share their views on what the next chapter of growth will look like.
Moderator: Sean Horgan, Equity Research Analyst, Rosenblatt Securities
Even as regulators and legislators bemoan concentration in the “wholesaling” of US retail orders, confirmed and potential new entrants are swarming. In this panel we’ll hear from some of these newer comers about why they see the business as attractive, what it will take to make a dent in the market shares of entrenched incumbents and how they see the regulatory environment evolving.
Moderator: Justin Schack, Partner and Head of Market Structure, Rosenblatt Securities
