SIFMA Statement on SEC Equity Market Structure Proposals

Washington, D.C., December 14, 2022 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the SEC proposals on equity market structure reform:

“The U.S. equity markets are incredibly efficient and resilient and investors, especially retail investors, have the greatest ease of access, lowest cost of trading and best execution in history. There is intense competition in the marketplace both upstream and downstream, especially with regard to retail investors.   A measured, data driven review of the U.S. equity market structure and specifically Reg NMS has been a SIFMA priority for many years, and SIFMA presented recommendations designed to enhance the current structure to the SEC and Congress in 2013, 2014 and 2017.  The substantial changes proposed today by the SEC are incredibly complex with material impact to all market participants, but particularly to investors.

“We strongly believe the SEC needs to be extremely careful in its approach.  Any changes being proposed in the name of competition which may tilt the playing field at the expense of investors should be weighed carefully, be subject to a robust cost benefit analysis, and considered holistically with a view to ensuring there are no negative, unintended consequences for investors.  Additionally, as the proposals issued today are significantly complex and interrelated, it is essential the SEC provide an adequate comment period to allow all parties sufficient time to provide thoughtful input on the package of proposals.”


SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development.

SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).