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 2021, the SEC’s Trading & Markets Division will likely need to provide additional guidance and extend relief provided in the early stages of the pandemic. The Commission and FINRA will address significant implementation issues regarding the amendments to Rule 15c2-11 and the October 2021 registration compliance date for security-based swap dealers. Trading of digital securities will expand along with associated regulatory issues. Congressional and Administration actions targeting Chinese companies may disrupt the trading market for their securities. Volatility will continue to be a key factor in 2021, as will the reaction of global markets as various geopolitical issues play out, including major trade issues and the results of the U.S. presidential election.