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Feature Article

Paying it forward
by Jim Toes

Last week, while most folks in the financial services industry were focused on their NCAA Basketball brackets, Quinnipiac University from Hamden, CT held the largest student-run financial conference in the world.

Taking place in New York City, Quinnipiac’s Global Asset Management Education (G.A.M.E.) IX Forum attracted students from 160 universities, representing 54 countries and 48 states, and offered them the chance to discuss and debate financial best practices with renowned industry leaders such as: Abby Cohen, Goldman Sachs; Bob Doll, Nuveen Asset; David Kelly, J.P. Morgan Funds; Kate Moore, BlackRock and more. The three-day event, with its more than 1,500 participants, was a clear demonstration on the breadth of our industry and the vital role it plays in the world economy.

More importantly, it was a reminder of the awesome responsibility that we all share in leaving our industry better for the next generation. Recognizing that responsibility begins with an appreciation for the generations who came before us. Even today’s brightest minds and biggest egos must admit they did not create the financial services industry. We all had something to work with, or disrupt, when we began our careers. While the responsibility of leaving it better for the next generation can be fulfilled in many ways, Quinnipiac’s annual event was a testament to paying-it-forward as industry leaders shared their time, wisdom and personal experiences with tomorrow's professionals. 

On behalf of STA, we wish to congratulate Quinnipiac University and Dr. David Sauer, Professor of Finance and G.A.M.E. Founder, Executive Director and Program Chair, on the success of this year's event and their contributions to our industry's future. 
From the Hill

Dalia Blass, Director, Division of Investment Management, SEC
Keynote Address: ICI Mutual Funds & Investment Management Conference Includes remarks on ETF Rule, No-action letters on MiFID II and more.
"....a regulatory change in Europe can pose significant challenges for U.S. firms. A clear example is MiFID II. The research rules under MiFID II came into effect early last year. By changing how asset managers could pay for research in the E.U., these rules raised questions concerning market practice and compliance among broker-dealers and asset managers in the U.S."
SEC Scrutinizes Fairness of Stock Exchange Pricing
"The U.S. Securities and Exchange Commission is investigating whether the multi-tiered pricing system used by stock exchanges favors large brokers at the expense of small ones, according to a person familiar with the matter. While the SEC has not launched a formal civil investigation, it is seeking information from the exchanges on the pricing system."
SEC Addresses Cybersecurity Concerns About Stock-Investor Data
The Consolidated Audit Trail won’t store some personal information from individual investors, a concession to brokers and traders who worried their data would be a prime target for hackers. The decision by the SEC and the stock exchanges that are building the repository comes as regulators try to get the ambitious project back on track after years of delays and setbacks.
Open Call

 ICYMI: Rule 606: Getting Closer
On March 13, STA held an Open Call to discuss recent amendments the SEC has made to Reg NMS Rules 605 and 606, which now require additional disclosures by broker-dealers to customers regarding the handling of their orders. Mark Davies, CEO, S3 answered questions about this new, and timely, regulatory reality.

STA meets with congressional staff, presents Talking Points
In STA's March meetings with congressional staff, topics of discussion included Rule 606, the Transaction Fee Pilot, ETPs, market data and more.
STA files letter with House Subcommittee on Diversity & Inclusion
In response to the creation of the Subcommittee on Diversity & Inclusion (“Subcommittee”) and the Feb. 27 hearing titled, “Diversity Trends in the Financial Services Industry,” we would like to make you aware of our STA Women in Finance, (“STA WIF”) initiative and offer remarks based on our experiences since its formation in 2014.
STA Women in Finance
Save the Date!

An Evening of Recognition & Education
Tuesday, May 21, 2019
India House (formerly Bayard's)
One Hanover Square, New York Downtown
Keynote Speaker

Donna Rapaccioli
Dean, Gabelli School of Business
Fordham University
 brought to you JonesTrading

Capital Formation: Same as it ever was?
It is great to watch capital formation play out before our eyes and based on reports, we are only at the beginning of an IPO wave. Assuming markets remain stable, an estimated 200+ companies will seek to go public in 2019 with the hopes of raising more than $100 billion in capital. If the experts are correct and their predictions come to fruition, 2019 will be a record year for capital raising, passing Y2K.
Upcoming Events
 brought to you by Citadel Securities


Minnesota Security Dealers Association
Minnesotans’ Military Appreciation Fund (MMAF) is a statewide fundraising initiative by the citizens of Minnesota, for Minnesota military personnel and their families. Launched in August 2005, MMAF is a non-partisan, non-political, 501(c)(3) nonprofit corporation. The mission of MMAF is to say “thanks” to Minnesota service members and their families who are making sacrifices in defense of our freedoms in combat zones around the world.
STA in the News
brought to you by Forefront Communications

STA Partners with Knopman Marks on Financial Training
On Tues., March 26, STA announced an agreement with Knopman Marks Financial Training, a leading provider of licensing examinations training and course material for professionals within the financial services industry.
Sell-Side Struggles with Rule 606
The new rules, which the regulator issued in November 2018, is the latest tool the SEC has deployed to investigate the relationship between exchange and trading venue rebates and routing decisions. “The phrase ‘conflict of interest’ comes up 76 times in the release,” said Mark Davies, CEO of S3, during an industry call hosted by the Security Traders Association.
STA Student in Finance Membership!
STA has created a new membership classification for full-time undergraduate and postgraduate students called  Student in Finance, or “STA SIF . STA SIF Membership is FREE and is ideal for students who want to be informed on topics and issues within the financial services industry and to connect with securities industry professionals.

Take your first step towards the financial services industry and become an STA SIF Member today!
STA 86th Annual Market Structure Conference
 October 2-4, 2019
JW Marriott, Washington DC
Media Inquiries
Sam Belden
Forefront Communications Group