The SEC’s Equity Market Structure Advisory Committee (EMSAC) just received, from its Regulation NMS subcommittee, the framework for a potential Access Fee Pilot. You can read the subcommittee’s framework memo here.. You can also read a little background on the Maker Taker Pilot on Flextrade’s Blog, written by Ivy Schmerken.

The Reg NMS Sub Committee makeup is here.


Kevin Cronin (Chair – Invesco)

Mehmet Kinak (T. Rowe Price)

Joseph Mecane (Barclays)

Eric Noll (Convergex)

Joe Ratterman (BATS)

Nancy Smith (AARP)

Chester Spatt (Carnegie Mellon Tepper School of Business)

Gary Stone (Bloomberg)


Why Is The SEC Considering Implementing An Access Fee Pilot?

You might recall that Themis Trading (more…)


A new paper from the UK’s Financial Conduct Authority (FCA) titled “Are High Frequency Traders Anticipating The Order Flow?” has been making the rounds and causing quite a controversy.  The amount of tweets and activity coming from the pro-HFT crowd made us very suspicious of this paper and we were pretty sure that we were not going to like it.  But a funny thing happened during our review of the paper, we read past the headlines and found that the paper is actually an excellent piece which relies on unique data to draw some expected conclusions.  Here is our take on the (more…)