WHO:             Rep. Scott Garrett (R-NJ), Host

WHAT:          Equity Market Structure Roundtable

WHEN:          Monday, May 13, 2013, at 10:00 a.m. EST to 2:00 p.m EST

WHERE:       26 Federal Plaza

6^th Floor Conference Center

[Between Broadway and Duane St.]

New York, NY

BACKGROUND:  The purpose of this roundtable is to facilitate a substantive discussion about the history of the statutes and regulations governing America’s equity markets and to examine the many issues challenging market participants today.  Furthermore, this discussion is designed to facilitate a better understanding of potential changes to the current rules that might produce more efficient markets, less investor confusion, better competition, and increased job creation.

Panel 1 – An Overview of Statutes and Regulations Governing the U.S. Equity Markets

This panel will consist of academics and legal experts that will provide a detailed history of equity market structure laws and regulations.  It will focus on the changes to the market that have had the greatest impact and those which have led to the development of the current U.S. equities market.  Additionally, this panel will provide insight about the original objectives of the rules, how they have been implemented, and any unintended consequences that have resulted.

Panelists: 

• Jim Angel, Professor – Georgetown University, McDonough      School of Business
• Brandon Becker, Executive Vice President and Chief      Legal Officer – TIAA-CREF
• Steve Luparello, Partner – Wilmer Hale
• Joe Lombard, Partner – Murphy and McGonigle

Panel 2 – Creating a Level Playing Field for Equity Market Participants

This panel will focus on the macro regulatory issues that govern equity market participants and any potential competitive imbalances created by the existing market structure.  Exchanges, dark pools, and internalizing broker-dealers are now all for-profit entities that provide investors with very similar execution services.  However, each of these execution venues operates under a different set of rules that provide advantages and disadvantages to each business model.  This panel will explore the various differences of the regulatory regimes and discuss potential changes to ensure a more level playing field for all market participants.

Panelists: 

• Matthew Andreson, Co-Chief Executive Officer –      Headlands Technologies, LLC
• William Baxter, Senior Vice President and Head of      Equity – Fidelity Capital Markets Services
• Gary Katz, President and Chief Executive Officer –      International Securities Exchange, LLC
• Lawrence Leibowitz, Chief Operating Officer – NYSE      Euronext
• Thomas Matchett, Managing Director, Retail Market      Making – UBS Americas, Inc
• Dan Matthisson, Managing Director, Head of US Execution      and Trading – Credit Suisse Group
• Elizabeth King, Global Head of Regulatory Affairs –      GETCO LLC
• Gary Stone, Chief Strategy Officer – Bloomberg      Tradebook

Panel 3 – Examining Micro-Market Structure and Trading Technology

This panel will discuss a number of contemporary trading and technology issues impacting the market.  These issues include the maker-taker pricing model, order protection rules, trading algorithms and order types, locked and crossed markets, tick-size reform, consolidated audit trail, and volatility protections.  Panelists will discuss each of these topics in greater detail with the hope of providing a better understanding of how technology and the current rules interact.

Panelists: 

• Andrew Brooks, Head of US Equity Trading – T. Rowe      Price Group, Inc.
• Jeff Brown, Senior Vice President, Legislative and      Regulatory Affairs – Charles Schwab and Company, Inc.
• Richard Gorelick, Chief Executive Officer – RGM      Advisors, LLC
• Chris Issacson, Chief Operating Officer – BATS Global      Markets, Inc.
• Eric Noll, Executive Vice President – NASDAQ OMX
• Paul Russo, Managing Director – Goldman Sachs Group,      Inc.
• Jamie Selway, Head of Electronic Brokerage and Sales –      ITG, Inc
• Richard Steiner, Head of Market Structure Strategy –      RBC Capital Markets

WJ Washington Update 05-03-2013

Security Traders Association has partnered with independent government affairs law firm Williams & Jensen since 1998.  A more comprehensive history of W&J Washington updates can be found on the Security Traders Association website.

WJ Washington Update 04-26-2013

Security Traders Association has partnered with independent government affairs law firm Williams & Jensen since 1998.  A more comprehensive history of W&J Washington updates can be found on the Security Traders Association website.

WJ Washington Update 04-19-2013

Security Traders Association has partnered with independent government affairs law firm Williams & Jensen since 1998.  A more comprehensive history of W&J Washington updates can be found on the Security Traders Association website.

WJ Washington Update 04-12-2013

Security Traders Association has partnered with independent government affairs law firm Williams & Jensen since 1998.  A more comprehensive history of W&J Washington updates can be found on the Security Traders Association website.

On May 31, 2012, the SEC approved, as part of a one-year pilot, the Limit up-Limit Down plan to be implemented in two phases. Phase 1 is currently scheduled to commence on April 8, 2013, along with the modified Market Wide Circuit Breakers. Phase 1 will be implemented from April 8, 2013 and be completed by May 31st, 2013.  Phase II will commence implementation on August 1st 2013 and be completed by September 30, 2013. Phase I will include Tier 1 stocks (S&P 500, Russell 1000 and select ETPs) and the limit band protections will only apply from 9:45 a.m. – 3:30 p.m. ET. Phase II will include all NMS stocks and be functional from 9:30 a.m. – 4:00 p.m.

luld_nasdaq_phase1_symbol_rolloutlist

The preceding text regarding LULD has been taken from the NASDAQ website:

http://www.nasdaqtrader.com/Trader.aspx?id=currentregulatory#luld

WJ Washington Update 04-05-2013

Security Traders Association has partnered with independent government affairs law firm Williams & Jensen since 1998.  A more comprehensive history of W&J Washington updates can be found on the Security Traders Association website.

WJ Washington Update 03-28-2013

Security Traders Association has partnered with independent government affairs law firm Williams & Jensen since 1998.  A more comprehensive history of W&J Washington updates can be found on the Security Traders Association website.

WJ Washington Update 03-22-2013

Security Traders Association has partnered with independent government affairs law firm Williams & Jensen since 1998.  A more comprehensive history of W&J Washington updates can be found on the Security Traders Association website.