Sunlight is ... the best of disinfectants.
— Supreme Court Justice Louis Brandeis

Our Core Principles

The Healthy Markets Association is a non-profit organization of investors focused on improving the stability and integrity of US capital markets by empowering market participants with better data and analysis. The Association is guided by a clear set of Core Principles (click on each for more information):

+ Transparency

Order routing and executions should be subject to quantitative analytics and scrutiny. Investors should be able to know how their orders are handled both on particular trades, but also over time.


  1. Modernize Rules 605 and 606
  2. Enhance disclosures for execution venues
  3. Reform venue data feeds

+ Standards and Metrics

Order routing and execution standards and metrics should be updated to reflect the evolution in the markets over the past 15 years. Where appropriate, best practices and regulatory expectations should be modernized.


  1. Improve standards for Best Execution, order routing and market making.
  2. Develop better metrics for evaluating execution quality and venue toxicity.
  3. Establish independent testing and accreditation of broker order routing systems, buy-side Best Execution, venue execution quality and NMS market making.

+ Data Freedom

All recommendations and rulemaking must be data-driven; Data should be available to academics, researchers and the public.


  1. Create the Healthy Markets Research Institute
  2. Advocate for open data and data sharing at all levels of regulation.

+ Displayed Liquidity

Displayed price discovery is one of the critical functions of the market and must be encouraged.


  1. Explore pilot programs to study impact of off-exchange trading on market quality.

+ Competition

Open competition for order flow and executions is healthy for markets.


  1. Explore pilot programs to study the impact of fee- and rebate-based conflicts of interest on market quality.

Although all Members and funders do not necessarily fully endorse all elements of the entire Healthy Markets platform, all Members and funders are bound by a commitment to protect investors, promote transparency and take a data-driven approach to market structure challenges.