On May 28, 2024, U.S. equity trades will settle next day. While this might evoke a sense of déjà vu, it is different this time. Really. In 1995, U.S. securities settlement shortened from T+5 to T+3. Soon after, advocacy groups and management...

So it goes. The SEC's equity market proposals are as bewildering as they come, even for those of us who live and breathe market structure. As the industry digests the proposals and initial reactions morph into responses, the overall tone...

With summer firmly in the rearview mirror, we’re only weeks away from autumn and the beginning of year-end planning. 2023 resource allocation, budgeting tech spends, headcount hires, and broker lists are just around the corner. For the average buy-...

If you’re anything like we are here on the Market Structure & Technology team, looking for good market structure content to read on vacation is par for the course. So as we head into prime vacation/holiday-taking time, I’d like to offer up some...

With our connectivity to the buy-side, Coalition Greenwich conducted a “flash study” on investor sentiment in the context of the Russia-Ukraine war. We asked equities, fixed-income and foreign exchange (FX) institutional investors about the...

Shane Swanson and David Easthope discuss the recent SEC proposal to update the definition of “exchange” and the potential implications for technology firms, particularly those trading crypto, digital assets, and others in the DeFi ecosystem. The...

At the January 26, 2022, SEC Open Meeting, the Commission voted 3 to 1 to: Propose amendments to Exchange Act Rule 3b-16 (the definition of “Exchange”); Re-propose a modified Regulation ATS for ATSs that Trade U.S. Government Securities (...

The equity market, it seems, is again obsessed with dark pools.  Alternative Trading Systems (ATSs) have recently seen investment and purchases at an astounding level.  In just the last few months we have seen the purchase of...

On February 18, 2021, the U.S. Congress held the first hearing related to the GameStop trading abnormalities. During this hearing, U.S. Representative David Scott (D-GA) raised the issue of social media’s effect on capital markets trading, calling...

“This is a big year for uncleared margin,” a poignant statement from ISDA CEO Scott O’Malia in his recent conversation with Coalition Greenwich. The next phases—5 and 6—to be implemented on September 1, 2021 and September 1, 2022 respectively, will...