Panel 1: Regulation NMS: What Have We Learned?

Moderator: Vlad Khandros, Managing Director, Global Head of Market Structure & Liquidity Strategy, UBS

Panelists:

John Ramsay, Chief Market Policy Officer, IEX

Enrico Cacciatore, Senior Quantitative Trader, Head of Market Structure & Trading Analytics, Voya

Morgan Melchiorre, Director of Sales, US Equities and Product Strategy, CBOE Global Markets

Phil Mackintosh, Global Head of Economics & Research and Senior Vice President, Nasdaq

Regulation National Market System was meant to ensure that investors always receive the best price for their orders and to encourage new innovation. Since 2005, the rules have positively affected investors and issuers as well as spurred a technological revolution for capital markets. Many influential market participants, however, have been extremely critical of the rules as markets evolve and become more complex. The chairman of the Securities and Exchange Commission has also recently voiced concerns, bringing a holistic review of Reg NMS to the table. Key discussion points include:

• The impact of Reg NMS on U.S. market structure and its unintended consequences
• Areas that need to be focused on and the challenges to address them
• Order Protection Rule, continued exchange fragmentation, and new Alternative Trading systems
• Upcoming transaction fee pilot, off-exchange trading, market data and market access concerns, and alternative opportunities to tweak NMS