Executive Summary

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In this annual report, we explore the most important topics in market structure from the point of view of the buy-side trader.

They are not the only constituent in this debate, but with the retirement and investment assets of hundreds of millions of people under their management, their views require close attention.

For previous years’ discussions on these topics, please see:

Investors' Take on Market Structure Issues

Investors' Take on Market Structure Issues—2017

Investors' Take on Market Structure Issues 2018/2019


Methodology

Between July and September 2019, Greenwich Associates interviewed 41 U.S.-based buy-side traders, seeking their opinion about various market structure topics.

Respondents