Over the years, we have documented numerous examples of conflicts of interests at the major, for-profit stock exchanges.  We understand that exchanges are public companies and they need to grow the bottom line.  But in their quest to increase shareholder wealth, they have often cut corners and introduced products which have advantaged their largest customers at the expense of long term investors.   With the explosion of cryptocurrencies this year, the exchanges are once again chasing profits and throwing caution to the wind.  We’re talking about bitcoin futures and the race by the futures exchanges to trade the product first. On Sunday, December 10th, Cboe (the (more…)

  Back in July of 2016, almost a year and a half ago, the SEC’s Equity Market Structure Advisory Committee (EMSAC) recommended that the SEC propose an access fee pilot program.  Their recommendation was structured similar to the Tick Size Pilot with multiple access fee buckets that would be capped at different rates.  Their proposal, however, did not address banning rebates altogether. Since the EMSAC recommended the access fee proposal, a lot has changed at the SEC.  A new Chairman has been selected and two new Commissioners are pending final Senate approval. The SEC also came under fire from Congress recently for a cybersecurity (more…)