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Rosenblatt's Market Structure News Digest

Rosenblatt's Market Structure News Digest
  • Is the two-year tide of retail volume finally ebbing, and will any new low-water-mark settle a bit higher than the old?
  • Citadel Securities sends the industry aflutter with an outside equity investment valuing it at $22 billion
  • Market participants and regulators continue to grapple with the implications of exchange outages, both at today’s physical data centers and tomorrow’s cloud-based ones
  • The SEC suspends an IEX application to begin charging proprietary-data feeds, in a potentially interesting wrinkle for the long-running market-data wars
  • An SEC proposal to bring Treasury trading platforms into its ATS regulatory regime asks a series of intriguing questions about updating the fair-access exemptions for these venues in the equities market
  • An ostensibly libertarian academic drafts a roadmap for how the SEC can defend a potential ban on exchange rebates and off-board payment for order flow from court challenges
  • SEC Chair Gary Gensler, in public remarks, stresses his desire to make markets more efficient by encouraging “competition” and “transparency,” potentially hinting at the path the agency will take on equity-market-structure reforms
  • A New Jersey state legislator re-introduces a financial-transaction tax that would hit exchange data centers housed in the state
  • Traditional Wall Street firms pour investment dollars into financial technology, in an attempt to fend off both startups and Big Tech
  • Lines between cryptocurrency-focused upstarts and established financial institutions blur, as the former’s valuations balloon and regulators inch closer to providing regulatory certainty

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