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Feature Article

Preface by Jim Toes
President & CEO
STA

Core strengths of our market ecosystem include its ability to serve a wide variety of investor types and the efficiencies it provides for capital to move across asset classes and international borders. In September 2018, a report published by the Bank for International Settlements identified three key structural trends that "have intensified in recent years" both domestically and internationally. Using this study as a backdrop, STA reached out to our partners at Vela to help our members understand how these trends are impacting our market ecosystem and what firms are doing in response. We hope you find this report insightful and we greatly appreciate Vela putting it together.

Aiming to capitalize on a shifting liquidity landscape? Think about
your platform
by Gerry Turner
Global Head of Platform as a Service
Vela

Financial market participants, it appears, are getting more intrepid by the day.

In search of fertile new trading environments, many firms are looking further afield than ever before and entering markets that only a few years ago would not have seemed feasible. From Asia to the Americas, buy-side and sell-side institutions are eyeing opportunities for proprietary trading, market-making, broking and other activities. Highlighting the trend, the Bank for International Settlements, in a  recent report , said trading activity in fast-paced electronic markets was becoming increasingly fragmented across new venues.

This fragmentation of liquidity is having a profound effect on business models for firms...
From the Hill

SEC Names Manisha Kimmel as Senior Policy Advisor to the Chairman
"In this new role, Ms. Kimmel will coordinate the SEC’s oversight of the self-regulatory organizations’ (SROs) creation and implementation of the Consolidated Audit Trail (CAT)."
FINRA Report on ATSs
FINRA's Office of the Chief Economist on Monday published a working paper that shows high broker-affiliated alternative trading system (ATS) order routing is associated with lower fill rates and higher costs.
Rep. Maxine Waters Announces Subcommittee Assignments
Following Thursday’s  announcement  of House Financial Services Subcommittee Chairs, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced Subcommittee assignments for the 116th Congress.
Open Call

 Cannabis: Emerging Opportunities
Since 2000, and more recently the 2018 Elections, support for legalizing cannabis has trended steeply upward. This industry continues to move forward and gain acceptance across the investment and personal use landscape.

Join us as we discuss this expanding industry, employment opportunities and risks with

Sachin Barot
CEO & Co-Founder
CERESLabs

  Thursday, February 7
4:30 pm to 5:00 pm EDT
Dial in: 1-800-346-2923
Participant code: 562 945#
STA in DC

Comment Letter: STA among 22 Signatories Supporting 18th Amendment to LULD
"Although each of the undersigned has different business models and frames of reference, we collectively support the proposals below, which were set forth by the Operating Committee of the National Market System Plan to Address Extraordinary Market Volatility (“LULD”) in the proposed “Eighteenth Amendment” to LULD."  
Women in Finance
brought to you by Refinitiv

Save the Date!
3rd Annual Ken Heath Award
Recognizing those men who have made
a notable and genuine contribution
to the advancement of women in finance
Presentation will take place at
An Evening of Recognition & Education
Tuesday, May 21, 2019
India House (formerly Bayard's)
One Hanover Square, New York Downtown
Taking Stock
 brought to you JonesTrading

Safeguarding Data & Trust
The reality is that protecting data, whether it be our own or our clients’ is already a herculean effort 24/7/365.
Upcoming Events
 brought to you by Citadel Securities

Mid-Atlantic STA, "MASTA" Mid-Winter Conference
January 31-February 1, 2019
Four Seasons Hotel Baltimore

featuring

Elad Roisman , Commissioner
U.S. Securities & Exchange Commission
#GrassrootsGiving

STANY Selects  Foundation for Women Warriors  as 2019 President's Choice Charity
Throughout 2019 STANY will promote and fund raise for F4WW. Jodie Grenier, F4WW Executive Director is well known among STA Affiliates and her tireless work is inspirational. Look for opportunities to support STANY in its efforts.
STA in the News
brought to you by Forefront Communications

STA President & CEO comments on the Transaction Fee Pilot. A group of Wall Street’s biggest companies is worried that the SEC’s latest stock market experiment will cut demand for their products while giving other companies a competitive advantage.
With Market Data Fees in Focus, Industry Grapples with Appropriate Fix
Picking up on the debate that began at the SEC’s two-day Market Data roundtable in October, industry participants at the Security Traders Association of Chicago’s (STAC) 93rd Annual Mid-Winter Meeting last week were divided on the scope of the problem with market data costs and the appropriate solution.
STA 86th Annual Market Structure Conference
 October 2-4, 2019
JW Marriott, Washington DC
Media Inquiries
Mark Dowd
Forefront Communications Group
212-320-8982