Statement of Robert Gasser CEO and President ITG on Computerized Trading Venues: What Should The Rules Of The Road Be?

On December 18, Bob Gasser testified before the U.S. Senate Subcommittee on Securities, Insurance and Investment that dark pool growth has improved market quality, in response to the topic of “Computerized Trading Venues: What should the Rules of the Road Be?”.

European Financial Transaction Tax: the return?

Could the much-debated European Financial Transaction Tax (FTT) proposal come to pass? JP Urrutia discusses new developments among EU member states.

Dark Pool Concerns: Trying to Solve a Problem That Doesn’t Exist?

Concerns about dark pools have come to a head and alternative markets in Asia Pacific are among those under scrutiny. This week’s edition of The Blotter explores this topic with a focus on the Australian market.

Badges? We Don’t Need No Stinking Badges: The Sequel

The previous installment of “Badges” equates them to definitions of market participants. The focus was on a CFTC-proposed definition of high frequency trading, or HFT. The conclusion reached is that strict classifications for the purpose of regulation are inappropriate in today’s environment. The idea is broadened here, with respect to market structure regulation. In this week’s edition of The Blotter, the focus is on the exchange/broker divide.

Badges? We Don’t Need No Stinking Badges

Financial regulation lives on the legally assigned characteristics of participants. The definitions of broker-dealer and exchange provide the underpinning of U.S. regulatory fabric and yet it took almost 30 years to craft a definition for ‘the alternative trading system’. Herein lies a lesson: a world in which technology, product strategy, and business models evolve faster than language may be a poor place to apply regulation based on participant silos. Market structure expert, Ian Domowitz, considers this issue and regulatory alternatives in this week’s edition of The Blotter.

Keepin’ It Retail: SEC Approves NYSE’s RLP Proposal

July 5, 2012, the SEC approved NYSE’s Retail Liquidity Program, or “RLP,” for a oneyear pilot for all NYSE and NYSE MKT (AMEX) listings. We provide an overview and offer our thoughts on implications in this edition of The Blotter.

The land of the rising sun is pushing forward with market competition

On June 26, 2012 Japan’s financial markets regulator, the FSA, took another step to promote market competition by revising exemption from the 5% Takeover Bid (TOB) rule. This move may have a profound effect on Japan’s Proprietary Trading System (PTS) providers over the coming months. This edition of The Blotter examines the history and development of PTSs in Japan and what this planned exemption may entail.

Policing the Dark: Likely Impacts of New Canadian Regulation

On Friday April 13th 2012, the CSA and IIROC published their final dark pool regulations (“Provisions Respecting Dark Liquidity”) along with an AntiAvoidance Provision (released for comment).  ITG’s Canadian market structure experts weigh in.

European Financial Transaction Tax: Danish Position

ITG’s experts have reviewed the Danish draft position on the European Financial Transaction Tax (the FTT). Importantly, the Danes currently hold the European Union presidency and the leaked document will serve as a basis for discussions that will set the agenda for the full European finance ministers meeting in May/June.

Coming Changes to the Canadian Market on Close Facility

In recent weeks the Toronto Stock Exchange has been actively consulting both buy and sell side participants around a variety of potential changes to the Market on Close (MOC) Facility.  Our experts think there are several ways in which the MOC can be altered that will be good for the marketplace as a whole, and will outline our proposed changes and the logic behind them in this paper.

See more content on this topic