In this second part of our two-part series on options and equity market structure, we are rejoined by Andrew Schultz, Head of Strategic Options Business at Susquehanna International Group, and Mett Kinak, Global Head of Equity Trading, T. Rowe Price Group. In this episode, Mett's feet are put to the fire with respect to SEC Chair Gary Gensler's proposed equity market structure reforms. Mett weighs in on whether auctions modelled after options market structure can be repurposed for retail equity trading. He also raises concerns about potential tick increment reforms, proposed changes that should steer away from one-size-fits-all solutions, and the harmonization of traded prices across all types of venues. Mett concludes the episode with his thoughts on the Gensler agenda from the D.C. Circuit's recent decision on market data governance. Listen in to understand how this decision could be viewed as an ominous cloud over market structure reform.

Chapter Headings

1:25 - Retail Auctions: Does This Concept Work in Equities?

13:00 - The Tick Increment Reform & Thoughtful Decisions

22:20 - Harmonizing Traded Prices Across all Types of Venues

25:30 – Best Execution Definitions: Which One Do We follow?

27:55 – The Aftermath of the D.C. Circuit Ruling on Market Data Governance

Disclaimer 

For relevant disclosures, visit https://www.tdsecurities.com/ca/en/tds-bidout-episode-48

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.