After almost ten years of Rule 605 and Rule 606 disclosure rules, the SEC is set to propose new order routing disclosure rules today.  This move has been talked about for years by the SEC and we’re glad to see they are finally acting.  If you recall back in June 2014, SEC Chair White gave a major speech titled “Enhancing Our Equity Market Structure” where she spoke about the SEC’s plans on order routing disclosures:

“Most investors rightly rely on their brokers to navigate the dispersed market (more…)


Sometimes we think that we don’t understand Market Structure. Sometimes we think we don’t understand FPGA chips, and speed bumps, and Fix vs Binary, and delay coils. Sometimes we even think that while we are supportive of competition in the form of a new stock exchange called IEX, with seemingly fair rules of engagement, we must be missing something.

After all, so many really smart people are so bat-$hit crazy against the firm and what they have been doing over the last three years. People like Citadel’s Jamil Nazarali, HRT’s Adam Nunes, Larry Tabb, Modern Markets’s Bart Chilton, David Weisberger , (more…)