Trading & Markets Counseling

  • Representing a leading options market maker in successfully petitioning the SEC to exercise its discretion to review action taken by the Division of Trading and Markets staff approving a controversial capital-raising plan proposed by the Options Clearing Corporation and opposed by industry participants.
  • Representing a leading global derivatives market-place with respect to securities regulatory matters before the SEC Division of Trading and Markets.
  • Advising on establishing a "robo adviser."
  • Assisting and advising a broker-dealer regarding Regulation SHO, ATS and NMS requirements.
  • Represented FINRA and several national securities exchanges in drafting proposed SRO pilot plan to increase tick size.
  • Advising a prime broker on the establishment of a registered investment company margin lending platform.
  • Representing leading fixed income ATSs regarding TRACE reporting issues.
  • Representing a fixed income pricing service in commenting on FINRA and MSRB rule proposals.
  • Advising multiple market participants with clearing agency regulatory issues.
  • Advising on Regulation SHO Rule 204 compliance.
  • Advising a buy-side and sell-side market participants on Regulation SHO compliance matters.
  • Advising broker-dealers and asset managers regarding Regulation M Rule 105 compliance.
  • Assisting in the preparation of CEO of financial institution for testimony related to high frequency trading and equity market structure issues before the Senate Permanent Subcommittee on Investigations and the Senate Banking Committee.
  • Advising an expert network firm regarding policies relating to the protection of confidential, material, non-public information.
  • Advising client on matters relating to digital currency-denominated securities trading.

Looking Forward

In 2022, the SEC and other federal agencies will grapple with the regulatory treatment of digital currency. We expect significant regulatory attention to be focused on this area, and possible legislation. Federal regulatory agencies will also be addressing payment for order flow amidst the rise in retail trading in stocks and options. We also expect to see continued interest in short selling activity and a regulatory focus on the relationship between social media activity and stock trading.