|
STANY is the voice of the trading community in the Great New York City area. STANY represents individuals, engaged in the buying, selling and trading of securities. As such, we are uniquely qualified to discuss rules and regulations affecting the purchase and sale of securities. STANY does not represent a single business or business model, but rather provides a forum for trading professionals from institutions, broker-dealers, ECNs, ATSs and systems providers to share their unique perspectives on issues facing the securities markets. Our members work together to promote their shared interest in efficient, liquid markets, as well as their concern for investor protection. We believe that strong and efficient markets require an appropriate balance between effective regulation and innovation and competition. STANY has consistently been an advocate for reasoned regulation aimed at solving real problems and improving US capital markets. We have also opposed regulation for regulation’s sake. Despite our members’ diverse backgrounds and member firms’ differing business models, our members’ primary concern is promoting strong and robust markets that offer investors the best choices, provide businesses advantageous capital formation tools, and ensure the US its premier place as a world leader in the financial markets. We desire a market that instills investor confidence and fosters investor participation.
STANY Comment Letters
Industry Response to Unusual Trading of May 6th SEC to File Limit Up Limit Down Rules April 6, 2011 On Wall Street article discussing the proposal SEC Announcement of Limit Up Limit Down Proposal SEC Chairman, Mary Schapiro's Testimony on the Events of May 6th Click here for the May 20th testimony. SEC to Publish for Public Comment Stock-by-Stock Circuit Breaker Rule Proposals. Click here for press release May 18, 2010. STANY's letter to SEC Chairman Mary Schapiro and the Senate Banking Committee STANY supplemental letter May 6 2010 Knight's Perspective on the market event of May 6, 2010 from Thomas M. Joyce, Chairman & CEO, Knight Capital Group Click Here. SEC's statement on the events of May 6th Click here. STANY files Comment Letter on Risk Managment Controls for Brokers or Dealers with Market Access Click Here for STANYComment Letter Market Access March 29 STANY and STA File Comments on SEC's Non-Public Liquidity Proposal Click here for STANY's Comment STANY_Comment_Dark_Pools_February_17_2010 Click here for STA's Comment STA Non-Public Displayed Liquidity FINAL SEC asks Exchanges to devise new trading rules Click here for story. Exchanges agree in principle to uniform circuit breakers Click here for story. STANY Comments on FINRA QCF STANY files letter with SEC opposing FINRA's proposal to create a Quotation Consolidation Facility STANY Comment FINRA QCF-Jan-13 2010 FINRA Proposal Riles OTC Market- for article click here. STANY and STA file comments to SEC's proposed amendments to Reg SHO See STANY's Letter in response to SEC's Supplemental Request for Comment STANY_Comment_Reg_Sho_9-21-09 See STA's Letter in response to SEC's Supplemental Request for Comment
All News
Proposed Changes to the Options Markets
5/5/2010 12:00:00 AM
Proposed Amendments to Rule 610 of Regulation NMS The SEC published proposed changes to Rule 610 of Reg. NMS in order to "strengethen the national market system for listed options by: (1) Prohibiting the imposition of unfairly discriminatory terms by a national securities exchange that inhibit efficient access to quotations in a listed option on its exhange; and (2) establish a limit on the amount a national securities exchange would be permitted to charge to access the best bid or offer for listed options on its exchange. The proposed amendments are intended to make the requirements for access to listed options exchanges comparable to those for NMS stocks. Comments on the proposal are due on June 21, 2010. A full version of the rule is available in the Federal Register Click Here. For commentary by David Polk posted on the Harvard Law School website Click Here. For a summary of the proposal see Law Updates.com Click Here. SEC Rule 605 Likely Coming to Options The Securities and Exchange Commission may require market centers in the options industry to calculate and disseminate execution quality statistics. In a speech last week at the annual Options Industry Conference, Jamie Brigagliano, a deputy director in the SEC's Division of Trading and Markets, told attendees "it would not be surprising to me if the [SEC] staff were to recommend that the Commission consider making options subject to Rule 605 execution quality disclosure requirements." See full article by Peter Chapman for Traders Magazine Click Here.
Archived
|