Market Structure

"The Commission and self-regulatory organizations depend on the CAT to carry out our respective surveillance and enforcement responsibilities"

"As the FSOC annual report highlights, certain large multi-strategy and macro hedge funds are significantly leveraged, receiving the vast majority of their repo financing in ...

"We’ve also seen brokerages and investment advisers use sophisticated analytic tools to interact with investors .... Broker-dealers and investment advisers, regardless of whether they are ...

The amendments address minimum pricing increments for the quoting of certain NMS stocks, access fee caps, and the transparency of better priced orders

"Another characteristic of the Treasury markets is the use of leverage often facilitated by prime brokerage relationships between hedge funds and nonbank intermediaries on the ...

"I was surprised to learn when I came to the SEC that the Commission actually didn’t have its own best execution rule"

"Market regulators—SROs and the Commission—already have benefitted from CAT in surveillance and enforcement work"

"Brokers are more sensitive to these costs than the plan participants because they have direct relationships with retail investors, but they, too, as I have ...

"Regulators need effective tools to keep pace with these changes, especially considering the potential for new technologies like AI to rapidly amplify the magnitude and ...

"The cumulative costs for CAT may soon be approaching a billion dollars. These are real costs–not theoretical–being incurred imminently"