Once upon a time, in the year 2010, the SEC asked our entire industry to weigh in on its assessment of existing equity market structure. It issued the 2010 Equity Market Structure Concept Release, where the SEC expressed concern about dark liquidity, fair access and two tiered markets, market data pricing, HFT, and Reg NMS in general, including the functioning of markets with the Order Protection Rule (OPR), and even asked whether the SEC should consider  a Trade-At Rule. They received hundreds of comment letters.   Amazingly, pre-May 6th Flash Crash, HFT firms, stock exchanges, and broker dealers tripped over (more…)

  Back in June of 2014, then CFTC Chairman Tim Massad announced the hiring of Aitan Goelman as the CFTC’s a new enforcement director.  Mr. Goelman was previously a US Attorney in the Southern District of New York and appeared to be a great choice since he would be tough on enforcement.  He made this statement when he was hires: “I am pleased to return to public service and excited to join the CFTC at this important time when vigorous enforcement is more vital than ever.  It is an honor to be able to play a part in helping the Commission fulfill its (more…)