We recently filed a comment letter with the SEC concerning a Cboe EDGX proposal which aimed to add a new Retail Priority Order . Our main concern with this order type was the information leakage that would occur on the exchange proprietary data feeds since the retail priority orders would be designated with a special identifier.   In addition to our letter, the SEC also received letters from an institutional investor, a market maker and a stock exchange who also expressed their concerns about this proposal. After receiving these comments, the SEC decided to institute proceedings to determine whether to approve or (more…)

While the industry gears up for the beginning of testing for the Consolidated Audit Trail (CAT) this December, there are still some that want to derail the project.  After the SRO’s finally booted Thesys Technologies from the project, completion of the CAT seemed to be gaining momentum. FINRA has taken over production of the CAT and the CAT NMS Plan has produced what looks to be a reasonable timeline However, there are those that continue to balk at the idea of having personally identifiable information (PII) reside in the CAT database.  The latest objector is Senator John Kennedy (R-LA) who just sent (more…)


Jun, 2019