SIFMA provides comments to the Securities and Exchange Commission (SEC) on the self-regulatory structure of the securities markets.  SIFMA requests the SEC conduct a review of the regulatory structure of broker-dealers and exchanges, and the self-regulatory model. Recently, a distinguished group of legislators, regulators, and industry experts has called for a holistic review of U.S. equity market structure. These calls reflect the fact that regulatory developments combined with innovations in business and technology have brought significant changes to the equity markets. SIFMA supports a holistic review of equity market structure, and underscores the fact that the self-regulatory model is a crucial area for immediate attention.  In addition, SIFMA believes a discrete review of the regulatory structure of broker-dealers, exchanges should be carried out now because that structure is widely viewed to be outdated and in need of reconsideration and reform.