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Notes from the first day of the STA 83rd Regulatory Conference Blog

STA 2016 started off with a moment of silence for former STA chairmen and others who had passed away in the last year and then a bang with the singing of the national anthems of Canada and the USA performed by Jennifer Litwin, Greenwich Associates. She can belt them out worthy of a professional hockey game. John Russell, STA chairman from Franklin Templeton out in San Mateo, CA, offered the opening remarks before the keynote address by SEC Chair Mary Jo White. He finished his comments urging the audience to find ways to show Wall Street in a more positive…

Let’s Pause a Moment: Keith Ross Talks Dark Pool Rules and IEX Interview,Regulation,Tech / HFT,Video

The addition of high speeds and multiple execution venues has altered the equity market structure in recent years. Now the SEC is weighing in with newly proposed rules on dark pools. Meanwhile, IEX, which rose to fame with Michael Lewis‘ Flash Boys, is trying to move from dark pool to full-fledged exchange. Keith Ross of PDQ Enterprises says transparency is a good thing, and a market pause has its benefits in alternate venues, but as an exchange could create chaos. When the Securities and Exchange Commission published its Regulation National Market System (Reg NMS) in 2005, only a small fraction of…

John Lothian Newsletter: LSE taps Morgan Stanley’s Ross to run Curve; ‘Flash Boys’ trading venue application triggers backlash; High-frequency trader warns of potential market ‘catastrophe’ John Lothian Newsletter,Newsletter

First Read ICE chief calls IEX speed bump plan ‘un-American’ Gregory Meyer and Nicole Bullock in New York – FT IEX, the upstart stock-dealing venue, is taking an “un-American” approach to slowing down high-speed traders, the owner of the New York Stock Exchange has charged in comments that will further inflame debate over markets. goo.gl/743Bge ****Katsuyama is very un-American. He’s Canadian. JJL**** He is North American, it is just like American, but colder. ++++ Typhon Capital Bets Big on Biofuels By TIM PUKO – WSJ Look for drivers – but not oil – to help steer a turnaround in commodities,…

John Lothian Newsletter: Fledgling Derivatives Market Hires Ex-DTCC Executive as Chairman; Hedge Funder Dalio Thinks the Fed Can Repeat 1937 All Over Again; S.E.C. Chief Voices Support for Higher Advice Standard for Brokers John Lothian Newsletter,Newsletter

First Read Tony McCormick Out as CEO of BOX Markets, LLC By John J. Lothian The CEO of the BOX Options Exchange has stepped down as the CEO of the business side of the exchange, according to industry sources. Tony McCormick will remain as a consultant to the business side, BOX Markets, LLC, and will remain as CEO of the BOX exchange for the time being. Peter Layton, the chairman of BOX, will become the acting CEO. BOX is one of 12 U.S. equity options exchanges and has struggled to break out from the competition. In February, BOX held a…

BATS takes a swing at Flash Boys and options growth Commentary,Options

Jim Kharouf

BATS Global Markets has been in the spotlight lately, which has many at the exchange wondering why it had to be the one that was closest to Brad Katsuyama’s trading terminal in New York. In the wake of the thunderstorm caused by Michael Lewis’ book “Flash Boys,” and accusations that named BATS as the exchange that was part of the “rigged stock market” claim, Jeromee Johnson, BATS’ vice president, head of BATS Options market, says such charges are flat out wrong. Lewis tells the story of Katsuyama, now president and CEO of IEX exchange, how his cash equity orders would…

CNBC Debate Stills NYSE Trading Floor Commentary,John Lothian Newsletter

John Lothian

The best financial news television in years happened yesterday on CNBC when author Michael Lewis, IEX’s Brad Katsuyama and BATS’ Bill O’Brien faced off in a hexabox along with Bob Pisani, Tyler Mathisen and Sue Herera. O’Brien was aggressive and combative in his manner, taking exception to Katsuyama and Lewis saying the U.S. equities markets were “rigged.”  O’Brien ripped apart Lewis’ contention that he had visited BATS on February 5, 2013, asking, “Were you in Kansas City? Because that is where we are located.” Lewis said he had visited the BATS data center in New York.  O’Brien said he did…