Redefining the Market: STA's 92nd Annual Market Structure Conference

April 2025

Featured Article

Redefining the Market: A Look Ahead to STA’s 92nd Annual Market Structure Conference

By Julie Andress, KeyBanc Capital Markets & 2025 STA Chair

This October, we will be returning to our Nation's Capital, for our 92nd Annual Conference under a title that captures the spirit of this moment: Redefining the Market. Join us as we explore the forces reshaping our industry — from 24-hour trading, evolutions in listed options and ETFs and decentralized financial hubs to changes in regulations under new political and SEC leadership.

In a time of rapid change and transition for our industry, Redefining the Market is more than just a title or a theme — it is a call to action. This year's Market Structure Conference will unite thought leaders from across the securities landscape for timely discussions on the future of U.S. market structure.

STA Women in Finance

Financial Literacy Month: Inspiring Confidence in Women

By Laura Delaney, Virtu Financial

2025 STA WIF Vice Chair

Did you know that April is Financial Literacy Month? With the rise of women in senior leadership roles across the industry, we don't often stop to think about the fact that CEOs and managing directors were once college, high school, or even middle school students learning the basics of finance. Each April, Financial Literacy Month highlights the importance of educating those of all ages on the keystones of finance.

Women in Finance Mentorship Program

The application window for the very first STA Women in Finance Mentorship Program is now open! If you are interested in being either a mentor or a mentee, submit your application today! Please note that we will cap the program at 15 mentees and 15 mentors.

STA WIF will also be hosting a Mentorship Program Happy Hour in New York City on Tuesday, June 10 for program participants. Click the link below for more details!

Apply Here

Taking Stock

New York’s Stock Transfer Tax Reinstatement: A Misguided Revenue Grab

By Jim Toes

President and CEO, STA

As New York State grapples with budget challenges, Assemblyman Phil Steck and Senator James Sanders earlier today proposed bills (A3353/S1406) to reinstate the long-dormant New York Stock Transfer Tax (STT), a financial transaction tax (FTT) on stock trades. Proponents claim this tax, in place since 1905 but fully rebated since 1981, offers a low-rate, broad-based solution to raise billions for infrastructure and social programs with minimal market disruption. Opponents have argued successfully that taxes on stock transactions harm end investors, destabilize New York’s financial markets, and fail to deliver promised revenue.

STA in DC

STA Files Comment Letter on FINRA's Retrospective Review of Its Pattern Day Trading Rules

"It is STA’s view that FINRA’s top priority in updating Rule 4210 should be to address the restrictions placed on investors deemed to be pattern day traders and whose accounts have less than $25,000 in net equity."

Upcoming Affiliate Conferences

June 5-8: San Francisco STA Annual Conference

Inn at Spanish Bay

Pebble Beach, CA

Details here

STA Affiliate Events

Charity Spotlight

How to Recognize the Earliest Signs of Autism: A Guide for Families

By Alison Singer, President, Autism Science Foundation

As a parent, grandparent, aunt, or uncle, you play a vital role in a child’s development. Trust your instincts and speak up—because early identification of autism can make a difference in helping them thrive.

National Siblings Day: How Catch A Lift Honors A Lifelong Bond

By Jim Toes, President and CEO, STA

National Siblings Day honors the unique bond between brothers and sisters—a relationship often marked by love, rivalry, and lifelong companionship. In the spirit of honoring that strength on National Siblings Day, STA has been a longstanding supporter of Catch A Lift Fund, founded by Lynn Coffland in memory of her younger brother, U.S. Army Veteran Chris Coffland, who was killed during service in Afghanistan in 2009.

STA in the News

Bloomberg: Musk’s DOGE Hunts for SEC Cuts but Savings Will Prove Elusive

But the Musk-run outfit will be particularly hard-pressed to point to any savings from its efforts to downsize the SEC, which has its spending levels set by lawmakers—around $2.2 billion for this year—and recoups the money through fees on the securities industry. “They’re going to want to look for some kind of receipt, but I don’t think they’re really going to find it there because the taxpayers are not directly funding the SEC’s budget; it’s really coming out of the fees they collect from the industry,” said Jim Toes, the president and CEO of the Security Traders Association. “I just don’t think there’s a ton of fat.” Read more

Bid Out Podcast: Paul Atkins and the New SEC Administration

In Episode 70, we invite back two Bid Out podcast veterans, Jim Toes, President of the Security Traders Association, and Jaret Seiberg, TD Cowen's Washington Research Group Financial Services Policy Expert, for a discussion on the next SEC Administration, likely to be led by Paul Atkins. Jim and Jaret start with an explanation for the low key, zero drama nature of the Atkins confirmation hearing for SEC Chair, citing the limited pushback expected on the nomination, and the fact that the confirmation process has been streamlined post the GFC. Hear more

At the Forefront Podcast: Q1 Recap – SEC Priorities, Affiliate Events and More

STA President and CEO Jim Toes provides an update on recent affiliate events, the organization's key issues for 2025, the state of the Paul Atkins confirmation hearings and plans for the STA Annual Market Structure Conference in October. Hear more

Sponsor STA! 2025 Sponsorship Prospectus Available

Added benefit to STA Sponsorship: Three of the four levels of sponsorship include representation on select STA Advisory Committees (Listed Options Committee, ETF Committee, Market Structure Analyst Committee) for the entire 2025 calendar year.

2025 Sponsorship Prospectus