Market Structure Conference Debrief

Perspectives & Key Themes from Market Participants on Equities and Options

Recently, SIFMA hosted our annual Market Structure Conference, with a full day dedicated to listed options and equities. Across the two days, we gained insights into top-of-mind topics for market participants. Inside this note, we recap just some of what was seen and heard, including:

• Market structure is entering a transformational phase with the advent of 24/7 trading, tokenization, and changes to Reg NMS. Key operational and regulatory questions, such as how best execution will work in a 24-hour environment, how corporate actions and settlement processes will adapt, and how the industry will ensure data accuracy and consistency as the SIP expands will need to be addressed for successful market functioning.
• Rebuilding trust between regulators and industry is essential before any major reforms can succeed. Speakers repeatedly emphasized that years of regulatory uncertainty and “policy by enforcement” have eroded confidence. SEC leadership stressed a renewed commitment to neutrality and collaboration, especially around digital assets and market-structure modernization.
• Market infrastructure faces mounting strain, from CAT costs, liquidity fragmentation and persistent volatility, making modernization urgent but high-risk. Record volumes, volatile trading conditions, and rising data and compliance burdens highlight vulnerabilities in the current system. Participants agreed modernization must strengthen liquidity, transparency and execution quality across both equity and options markets.

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Authors

Heidi Learner, CFA, Managing Director, Head of Research
Justyna Romulus, Vice President
Matthew Paluzzi, Senior Associate