We were very disappointed to read yesterday that the SEC approved Nasdaq’ Extended Life Priority Order proposal.  As you may recall, we wrote two comment letters to the SEC urging them to reject Nasdaq’s proposal.  Our main concern with Nasdaq’s ELO order was information leakage.  We detailed this in our December 19, 2016 SEC comment letter: “In return for giving retail orders queue position, Nasdaq will require that these orders be marked as extended life orders. This identifier will be disseminated to customers who purchase a proprietary data feed from Nasdaq. In other words, ELO orders will easily be identified by high frequency (more…)

  Yesterday the House Financial Committee held a hearing to understand the evolution of today’s equity market structure. They heard testimony from leaders in our financial  industry describing how we arrived where we are today, and what problems/issues the equity markets need to address. They heard from: Capital Group’s Matt Lyons Themis Trading’s Joe Saluzzi GTS’s Ari Rubenstein Schwab’s Jeff Brown NYSE’s Tom Farley IEX’s Brad Katsuyama CBOE’s Chris Concannon Instinet’s John Comerford Nasdaq’s Tom Wittman. You can read the submitted written testimony of each witness in the links above. You can also watch an abbreviated version of Joe Saluzzi’s (more…)