“It’s about modernizing metrics and rules on how you measure market quality,” said David Lauer
“If we all get together, we can push for reasonable reforms,” said Lauer. “We want to influence that discussion.”
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The new website was created to bring “public and key financial services firms together to agree on a core set of reforms and principles to effectively lobby for market changes” to benefit U.S. equity markets.
Meetings with the Securities and Exchange Commission and staff on the Senate Banking committee and the House Financial Services committee have already happened and were met with enthusiasm, says Lauer.
Lauer spent many years working as a quantitative analyst and trader on high-frequency trading desks.
The goal is “securing healthier markets” and “lobbying for these critical reforms.”
Lauer and Chris Nagy hope to build a coalition of like-minded firms against the “powerful, entrenched interests with effective lobbying operations” in Washington, in the name of fairness.
The SEC is actively looking at market structure and evaluating possible changes, says KOR Group. And the purpose of forming this coalition is to get a seat at the table.
“This crystalizes in the single voice rather than this fragment, contention debate,” said Lauer.
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