BROKER-DEALER -

SEC Chairman Clayton and Trading and Markets Director Redfearn Call for a Reassessment of Regulation NMS -

On March 8, US Securities and Exchange Commission chairman Jay Clayton and director, Division of Trading and Markets Brett Redfearn gave a speech entitled “Equity Market Structure 2019: Looking Back & Moving Forward.” Chairman Clayton, who noted that their comments were their own and not necessarily those of the SEC or its staff, opined that a reassessment of Regulation NMS was needed. Regulation NMS was adopted in 2005 and has remained largely untouched since its adoption, despite substantial transformation of the US equity markets as the result of technology advances. Chairman Clayton stated his view of Regulation NMS as follows: “There are many areas that the Commission got right, some that may have missed their mark, and some that were positive in 2005, but may no longer be so.”