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SEC Conducting Review of Equity Market Rules, May Consider HFT-Related Rule Changes

In an interview with Bloomberg at SIFMA’s annual conference, SEC Chair Mary Jo White noted that while equity markets have generally benefitted from technology, the fixed income markets largely have not experienced similar advancements. With respect to high frequency trading, she indicated that the SEC will continue to pursue violations by HFT firms under current rules and consider whether any changes in rules are necessary. White also commented on a recent study showing that some direct feed subscribers may receive information prior to its posting on the SEC’s website, noting that the agency is conducting an examination of its dissemination system and that the agency would make any necessary adjustments.

According to Reuters, White also commented at the conference that the SEC is currently conducting a review of its rules governing equity markets, including Reg NMS and the maker-taker fee model used by exchanges. The article quotes White as saying that maker-taker is “clearly an important priority as we're going through this review, but again, we want to be data-driven and be right about whatever adjustments that we make.”