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

May 2025

Featured Article

Congrats Stock Traders, You Funded the SEC Four Months Early!

By Jim Toes, President & CEO, STA

Beginning today, the rate on Section 31a fees used to finance the SEC’s appropriated annual budget will be $0.00. This all-time low rate will remain in effect until October 1 and most likely will continue through year-end or longer.

In an April 8 announcement, the SEC explained that it expects to have collected its entire FY25 appropriation of $2.188 billion before May 14, so no further collections are needed for the current fiscal year. The current higher-than-average Section 31a transaction fee rate of $27.80 per million (the highest fee rate since 2007) and the high dollar trading volumes are likely the key reasons for the high collection amounts.

STA Women in Finance

Changing the Face of Financial Services: Margie Hewel, Senior Equity Trader at Charles Schwab

Margie Hewel is a seasoned expert in financial technology with more than 20 years of experience in the industry. For the past 13 years, she has served as Manager of Trading Technology at Charles Schwab, where she helps clients navigate sophisticated trading tools and platforms with confidence. This Q&A focuses on Margie's career path, career accomplishments and hopes for the future of the industry.

Women in Finance Mentorship Program

Thank you to all who applied to our pilot STA Women in Finance Mentorship Program are now open! We have shared final pairings with those selected for the program.

For mentors and mentees who received a note from STA WIF, remember to mark your calendars for the Mentorship Program Happy Hour on Tuesday, June 10! Thank you to Liquidnet and Virtu Financial for sponsoring the event, as well as the hard work from our WIF Chair and Co-Chair Christine Lee and Laura Delaney.

Taking Stock

"Equity Mom"

By Jim Toes, President & CEO, STA

SEC Commissioner Hester Peirce delivered a thought-provoking speech on equity market structure at the 12th Annual Conference on Financial Market Regulation. At the outset, she highlighted the organic nature of market development and cautioned against the pitfalls of overly prescriptive regulation. She then posed a series of introspective questions that included:

“What would the market landscape look like without micromanagement by the SEC? Would the proliferation of exchanges be the same? How would off-exchange trading platforms, like ATSs, have evolved? Would trade internalization be as prevalent? Most importantly, would these changes benefit issuers, investors, and traders?”

Upcoming Affiliate Conferences

June 2: Boston STA Myopia Outing

Myopia Hunt Club

Hamilton, MA

Details here

June 5-8: San Francisco STA Annual Conference

Inn at Spanish Bay

Pebble Beach, CA

Details here

June 24-25: STA St. Louis 2025 Summer Conference

Moonrise Hotel

St. Louis, MO

Details here

July 16-17: MSDA 2025 Summer Conference

The Hotel Landing

Wayzata, MN

Details here

STA Affiliate Events

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