Standards and Accreditation Initiative
Improved standards and independent testing are essential to data-driven market structure reform. To do that, market participants and academics need access to better data. Healthy Markets is focused on improving the amount and quality of publicly-reported data, including data provided through FINRA's ATS data reporting, as well as data released pursuant to Rules 605 and 606.
In addition, Healthy Markets is developing Conduct Standards and Accreditation Programs based on improved standards and metrics.
Healthy Markets is developing four sets of Conduct Standards and Accreditation Programs:
- Market Maker Accreditation: Healthy Markets is working to develop Conduct Standards for market making across various markets that is more quantitatively demanding than many current market maker standards.
- Broker Order Routing Accreditation: Healthy Markets is working to ensure that their order routing algorithms perform as advertised.
- Venue Execution Quality and Toxicity Accreditation: Healthy Markets is developing a Conduct Standard that will measure and report on execution quality and toxicity for individual venues, including public exchanges and ATSs.
- Execution Quality Accreditation: Healthy Markets is developing a Conduct Standard for the buy-side to objectively and quantitatively demonstrate that they are achieving high quality executions.