SIFMA Statement on EMSAC Recommendations on Trading Venue Regulations and Access Fee Pilot

Release Date: April 20, 2016
Contact: Carol Danko, [email protected], 202-962-7390

SIFMA Statement on EMSAC Recommendations on Trading Venue Regulations and Access Fee Pilot

Washington, D.C., April 20, 2016 – SIFMA today issued the following statement from Randy Snook, SIFMA executive vice president of business policies and practices, on the Equity Market Structure Advisory Committee’s (EMSAC) subcommittee recommendations relating to trading venues regulation and framework for a potential access fee pilot.

“SIFMA agrees with the basic elements of EMSAC’s subcommittee recommendations. We support centralized regulation of cross-market functions through a single markets regulator, or at the very least SROs whose focus is entirely on regulation. In addition, as we have stated previously, the governance of National Market System Plans should include the voting participation of industry representatives, particularly considering the subcommittee’s recommendation on centralizing regulatory functions outside of the exchanges.

“SIFMA supports a pilot on maker-taker arrangements that would analyze the effects of reduced access fee caps. However, any such pilot should not include a trade-at provision. Moreover, this pilot should be developed in a streamlined and uncomplicated fashion so that it can be implemented without any unnecessary delay.

“We urge the SEC to act on the subcommittee recommendations promptly and sensibly.”