Market structure evolves quickly. We keep up with it all. We keep our Members, the public, and regulators up to date with the latest market structure developments through:
Weekly updates and analyses to our members;
Our comprehensive monthly Market Structure Insights report reviewing all of the latest SRO filings, industry developments, market statistics, rulemakings, officials’ speeches, congressional buzz and other important information (We also offer Market Structure Insights as a subscription to non-members);
Detailed reports and analyses, such as:
Dark Side of the Pools (reviewing ATS enforcement cases and offering lessons for investors and regulators),
2016 ATS Risk Assessment (reviewing practices and risks posed by leading ATSs)
Better Best Execution (reviewing investment advisers’ best execution obligations and practices);
Market Data (addressing conflicts of interest, complexity, and costs); and
Frequent visits with key regulators, legislators, and administration officials;
Regular teach-in's to our membership on various hot topics;
Numerous comment letters and statements on various rule-making initiatives;
Frequent appearances and quotes in the press regarding industry or regulatory developments;
Organizing the Healthy Market Structure Conference, an intimate gathering of thought leaders;
Ready access to our unique team of market structure experts; and
Ready access to leading academics, market participants, and regulators.
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):
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.
- Modernize Rules 605 and 606
- Enhance disclosures for execution venues
- 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.
- Improve standards for Best Execution, order routing and market making.
- Develop better metrics for evaluating execution quality and venue toxicity.
- 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.
- Create the Healthy Markets Research Institute
- 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.
- Explore pilot programs to study impact of off-exchange trading on market quality.
Open competition for order flow and executions is healthy for markets.
- 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.