Market structure – and especially the transaction-fee pilot – proved to be one of the prominent themes at the NIRI national conference this year.
Joe Saluzzi, partner and co-founder of Themis Trading, participated in the general session with Brett Redfearn, director of the division of trading and markets at the SEC. In chatting to IR Magazine after the general session, Saluzzi encouraged the IR community to learn more about market structure issues, where their stock is traded and why.
‘There are 13 stock exchanges and 32 dark pools, with another stock exchange that has just been approved called the Long-Term Stock Exchange,’ Saluzzi says. ‘I encourage [IR professionals] to speak to the sell side, buy side and regulators. You need to understand market structure because markets today are way different from how they were say, 15 years ago, when everything traded on the floor of the stock exchange and there was 80 percent volume there. Now it’s a fragmented landscape of liquidity, where your stock is more of a – I hate to say – casino chip that high-frequency traders are trading back and forth.’
Click here to view the full video interview and watch other interviews from the NIRI national conference.
