March 2017
Feature Article

by  Ivy Schmerken, Editorial-Director

North American broker-dealers and asset managers domiciled in the U.S. are watching their European counterparts gear up for compliance with MiFID II.

But will MiFID II affect U.S. broker-dealers and asset managers based in the U.S.?

Could the massive regulation that requires asset managers to unbundle research payments from executions, and quantify the value of research for its clients, find its way onto U.S. shores?

That question was the focus of an open call held by the Security Traders Association (STA) on March 2 examining the impact of MIFID II on North American broker dealers and asset managers.

Under the MiFID II delegated acts, which go into effect on Jan. 3, 2018, asset managers will need to pay for research from their own P&Ls, or set up so-called research payment arrangements (RPAs), which are to be funded by a commission sharing account (CSA) or a direct payment by the client.

Although the ruleset impacts firms based in Europe, U.S.-based asset managers competing for mandates against European investment firms could face competitive pressure to adhere to MiFID II rules.

Full Article here

Open Call 
brought to you by Nasdaq

SEC Equity Market Structure Advisory Committee, ("EMSAC")

EMSAC will hold a meeting on Wednesday, April 5, 2017 to focus on potential recommendations and updates from the four subcommittees, which include a "suggested framework" for an access fee pilot initiative.

Please join us on an Open Call where we will discuss details from this meeting.  

Presenting will be
Shane Swanson
Citadel Securities
Wednesday, April 5, 2017
4:30 pm ET

Download call to your calendar>

Excerpts from SEC Acting Chairman Michael Piwowar March 23rd Speech:

With Dodd-Frank rulemaking on pause, the Commission will finally be able to put market structure issues at the forefront. 

In addition, EMSAC has made detailed recommendations, which we are currently considering. One such recommendation is for an access fee pilot. Such a study would test how various levels of access fee caps under Rule 610 of the Securities Exchange Act of 1934 ("Exchange Act") affect equities trading. 

Accordingly, I have asked Commission staff to design the specific parameters of an access fee pilot that we can propose via SEC rulemaking.

Full Speech on New Special Study of Securities Markets here

Women in Finance 

STA WIF 2017 Annual Charitable Spring Campaign 
From April 27th to May 18th, 2017, STA’s Women in Finance Initiative is uniting to promote care and support for military women.  Together, STA National and its Regional Affiliates will launch a campaign that raises awareness and money for our military women.

Women veterans are the fastest growing population of veterans and are underserved.

Fast Facts

  • 60% of women veterans experience housing instability.
  • Post 9/11 women veterans have the largest share of unemployment.
  • One fourth of women veterans experience PTSD. 

Find out more about our goals to raise awareness and funds to support our women warriors and how you can make a difference.