“The U.S. stock exchanges will be under pressure at a House hearing on Thursday to defend their opposition to the Securities and Exchange Commission’s “consolidated audit trail,” a market surveillance tool envisioned after the “flash crash” of 2010. The hearing is being held to consider legislation designed to stop the CAT. “The for-profit exchanges have […]
One worry is that the system does not, at present, identify who is trading. Without such information it will be less useful and have weaker cyber security, said Tyler Gellasch, executive director of pension plan and investment advisor trade group Healthy Markets Association. “The legislation this committee … is considering would unquestionably delay the CAT […]
But Tyler Gellasch, the executive director of the Healthy Markets Association, argued that the cybersecurity concerns raised by Huizenga and others are little more than a smokescreen to continue to delay CAT’s release. CAT has been under development since 2010 and has had repeated deadline extensions. It took until this year to finally select a […]
Fellow witness, Tyler Gellasch, executive director of the Healthy Markets Association, testified that the use of legal entity identifiers or large trader IDs could provide regulators with an elegant method to identify a trade’s beneficial owner without relying on PII, “but that is not how the plan was developed. Without access to PII or its […]
US equity exchanges increasingly depend on charging for data in a world of rapid-fire automated trading and that has sparked plenty of friction with the broader market. In the latest salvo, Healthy Markets Association, an investor trade group whose dozen or so members include Calpers and OppenheimerFunds, this week released a report on market data […]
Today, the Healthy Markets Association announced the release of its newest report, US Equity Market Data: How Conflicts of Interest Overwhelm an Outdated Regulatory Model and Market Participants. The [INSERT LINK TO PRODUCT ] 80-page Report provides a comprehensive review of the regulatory framework, uses, and costs for both public and private US equity market data. […]
On enforcement matters, SEC staff “try to negotiate their way through things to keep it all moving” and avoid complications, said Tyler Gellasch, a former Stein counsel and executive director of the Healthy Markets Association trade group. “Commissioners typically aren’t eager to hold up a case just because they may deadlock on something political that […]
The UK’s Financial Conduct Authority drew up MiFID II with two primary concerns: that individual investors were overpaying — albeit indirectly — for research, and that investment advisors were not providing sufficiently robust trade-execution protections. That’s according to Tyler Gellasch, executive director of industry trade group Healthy Markets Association. U.S. trading and investing firms that […]
“It’s not surprising to see so many folks using the SEC’s mishandling of its own data breach to call for yet another delay,” added Tyler Gellasch, executive director of Healthy Markets Association. “It is probably not lost on the SEC that most of those same voices have been fighting the CAT for years on every […]
The SEC “went out of its way to make things worse for U.S. retirees and education savers, in an effort to help a few Wall Street banks,” said Tyler Gellasch, who runs the Healthy Markets Association, whose members include the California Public Employees’ Retirement System and Janus Henderson Group Plc. The reprieve “has empowered some […]
