The SEC has announced that it has voted to adopt new Rule 610T of Regulation NMS to conduct a Transaction Fee Pilot in NMS stocks.  The pilot is structured extremely well and we believe the final data will prove that rebates are not needed to generate liquidity. We have to thank the folks at the SEC, particularly Director Brett Redfearn, for having the courage to publish the access fee proposal and then to stand up to the conflicted status quo, entrenched interests and approve a final rule which kept most of the proposal intact.  The current SEC, under Chairman Jay Clayton, has done more (more…)

On this day before Thanksgiving we would like to offer up our immense thanks.   We are thankful for an industry that has sustained us for over thirty years.   We are thankful for cutting our teeth at Instinet “back in the day”, where we truly learned in a culture of innovation, electronic trading frontier – dom, “i-only”, “Can You Do More”, eighths, sixteenths, thirty-seconds, sixty-fourths, and… often enough… “Sorry Not at Present”!   We are thankful for an industry that has always challenged us to adapt and think.   We are thankful for an industry that has allowed a (more…)

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