SEC Commissioner Luis Aguilar has always been a friendly investor voice, and we are sad to see that he will be leaving the SEC after his 2nd term expires in June (he has served since 2008). To serve two terms that have included  the Financial Crisis and the Flash Crash (and their aftermaths) is no small feat, and he served the public admirably. He doesn’t leave us empty handed! This week, in advance of the SEC’s first Market Structure Advisory Meeting (on Rule 611), he released a fantastic document, which frames the debate around the design and functioning or (more…)


Good morning!

This morning the SEC’s seventeen member Market Structure Advisory Committee (MSAC) will meet for the first time, and they will be discussing and debating Reg NMS’s Rule 611 (order protection – trade through rule). The live webcast will begin at 9:30am EST, and the many members’ prepared opening statements will likely take some time. Be ready with a large cup of coffee!

In advance of the meeting, we wanted to share a note with you that we penned as an “open letter to the MSAC.” The SEC often worries about how well our markets function, and they also worry (more…)