EMSAC: Through the Looking Glass

Report Summary

EMSAC: Through the Looking Glass

If ever there was a time for Regulation NMS’s overhaul to be seriously considered, that time is now.

Spencer Mindlin

Boston, December 15, 2016 – U.S. equity markets have experienced sweeping transformations over the last 20 years, fueled by technological advancements and Regulation National Market System. Still, the marketplace is far from perfect, and the U.S. Securities and Exchange Commission created the Equity Market Structure Advisory Committee to recommend reforms. EMSAC is approaching an inflection point as 2016 comes to a close and is almost finished formalizing its recommendations to the commission.

This report summarizes the most important issues and recommendations surrounding EMSAC. It is based on two Aite Group interviews with EMSAC committee members and one with an EMSAC presenter, Aite Group reviews of countless SEC comment letters submitted to EMSAC for review, and Aite Group’s attendance of all EMSAC meetings since the committee’s inception.

This 37-page Impact Note contains nine tables. Clients of Aite Group’s Institutional Securities & Investments service can download this report, the corresponding charts, and the Executive Impact Deck.

Download table of contents

This report mentions AARP, Barclays, BATS Global Markets, Bloomberg, Cantor Fitzgerald, Citadel Securities, Convergex, FINRA, Thomson Reuters,  Headlands Technologies, IEX Group, Invesco, and NYSE Group.

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