Panel 1: Regulation NMS: What Have We Learned?
Moderator: Vlad Khandros, Managing Director, Global Head of Market Structure & Liquidity Strategy, UBS
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: