In The News

NYSE Opposition to Trading-Fee Review Puts Companies and Some Shareholders at Odds

By Tyler Gellasch / July 11, 2018

The New York Stock Exchange is stirring tension between some of its big listed companies and their largest investors over regulators’ efforts to study the controversial practice of assigning fees and rebates to stock trades. Read more in the Wall Street Journal.

Read More

Exchanges’ Dual Mandates Ripe for Review, SEC’s Jackson Says

By Tyler Gellasch / June 27, 2018

The exchanges’ legal mandate to maximize profits even as they operate as self-regulatory organizations sets up a conflict where investor protection could be sacrificed for financial gain, Jackson, one of the commission’s two newest members, said at advocacy group Healthy Markets’ Healthy Market Structure Conference in New York. Read more in Bloomberg BNA.

Read More

Seeing the Market More Clearly

By Tyler Gellasch / June 14, 2018

“One of our major areas of focus is best execution,” says Tyler Gellasch, executive director of the Healthy Markets Association, which was formed in 2015 to advocate on behalf of the buy side on market structure issues. “We’ve been working with FINRA over the past couple of years to encourage brokers to deliver improved execution […]

Read More

Exchanges Blast SEC for Plan to Rein In Rebates

By Tyler Gellasch / May 29, 2018

“The letters lay out a very clear threat to the SEC: If you go forward, we are going to consider suing you,” said Tyler Gellasch, executive director of the Healthy Markets Association, a group representing large investors that has supported the SEC’s pilot. Read more in the Wall Street Journal.

Read More

Stock Exchanges Get Warning Shot From SEC Over Data Profits

By Tyler Gellasch / May 2, 2018

“This is an unprecedented step for the SEC to say to the exchanges that they have to do a better job justifying their changes,” said Tyler Gellasch, executive director of the Healthy Markets Association, an investor advocacy group. “My suspicion is that this dramatically clamps down on market data hikes and fee changes by the […]

Read More

Will Wall Street Buy Into the Slow Stock Movement

By Tyler Gellasch / April 13, 2018

But if the big exchanges “thought raising listing standards would lead to more listings and business, I would expect them to give it a try,” says Tyler Gellasch, executive director of Healthy Markets Association, an investor advocacy group. “So far, they haven’t. In fact, they’ve kind of done the opposite.” Keep reading in Bloomberg.

Read More

BofA’s Huge Fine Renews Push for More Info on Where Orders Go

By Tyler Gellasch / March 23, 2018

The infractions point back to a question that can addle investors: Do they really know what their brokers are doing? This settlement is glaring proof that the Securities and Exchange Commission needs to advance its nearly two-year-old proposal to tighten disclosures on broker order routing, said Tyler Gellasch, executive director of Healthy Markets Association, an investor advocacy […]

Read More

SEC Warns Investors on Cryptocurrency Exchanges

By Tyler Gellasch / March 7, 2018

“The SEC is going to regulate not only the products but the places where they trade and who trades them,” said Tyler Gellasch, a former SEC official who is now executive director of Healthy Markets Association, an investor-backed trade group. “There ought to be some pretty deep soul searching for those operating some of these […]

Read More

NYSE to pay $14m in penalties over market disruptions

By Tyler Gellasch / March 6, 2018

Tyler Gellasch, executive director of Healthy Markets Association, an investor-focused trade group, said the case “shows the SEC is starting to hold the exchanges accountable for major market disruptions, like August 24”. Read more in the Financial Times.

Read More

NYSE Fined $14 Million by SEC for Series of Rule Violations

By Tyler Gellasch / March 6, 2018

These “order types could be used to sniff out orders, thereby leading to information leakage that favored floor brokers over other customers,” Tyler Gellasch, executive director of an investor advocacy group called the Healthy Markets Association, wrote in an email. “This is huge” in the context of private lawsuits, he added. Read more in Fortune.

Read More