When the entire SEC is ordered to work from home, it’s time to talk about market surveillance infrastructure and remote access. Global Impact Event Response During these early weeks in March of 2020, uncertainty levels are escalating...

On October 17, 2019, the SEC published its Statement on Market Structure Innovation for Thinly Traded Securities (the “Statement”). The SEC’s Statement recognizes that markets in liquid securities function well, but believes that the “one-size-fits-...

Forget trading. Market and trade surveillance technology has proven itself as one of the best appropriators of cutting-edge technology—artificial intelligence (AI), machine learning and big data have all made meaningful impacts in the trade-...

In our role as market analysts, we are lucky enough to attend some of the most interesting industry events in capital markets and fintech. In that vein, Symphony asked us if we could attend their Innovate conference in New York this past fall and...

When Regulation NMS (Reg NMS) came into effect in the mid-2000s, many benefits sprung to life immediately. For example, retail orders were provided protection, markets were made more interconnected, and decimalization was further codified under Rule...

Over the years trading desks at the largest banks and broker-dealers profited not just from executing client trades, but because they had the pulse of the market. It was their job to know who was trading what, who held what, who had an interest...

Over 60% of trading in the U.S. Treasury market is done via electronic trading venues. Many market observers believe this means that the relationships between dealers and bond investors are eroding and that the marketplace has become devoid of human...

On Tuesday this week Nasdaq announced they were buying Quandl – an alternative data company. This follows a previous initiative within the global exchange and data company to organically build their own alternative data business. While the terms of...

The SEC recently announced that the Tick Size Pilot Program will expire[1] on September 28th. After two years, various studies have estimated that the cost to investors of this experiment range from $350mm[2] to $900mm[3]. And these estimates do not...

Libor rates were manipulated.  Given the $9 billion in fines paid by many of the banks that contributed to its daily calculation, there is no need to dance around if it happened or how. I’d be so bold as to say it is not happening anymore....