Repo and U.S. Treasury clearing will increase in 2026. The SEC finally put forth, voted on and passed a final rule laying out their long-expected approach to mandatory clearing for this systemically important market after years of industry...

So it goes. The SEC's equity market proposals are as bewildering as they come, even for those of us who live and breathe market structure. As the industry digests the proposals and initial reactions morph into responses, the overall tone...

I can’t say I was ever really a fan of Joan Armatrading, but her 1983 hit “Drop the Pilot” comes to mind following the Equity Market Structure Advisory Committee’s (EMSAC) recommendation for an Access Fee Pilot Program. Maker-taker pricing refers...