Join FINRA for a forum bringing together market experts to examine the evolving landscape of best execution in today’s markets. With significant market structure developments underway, including the SEC’s proposed rescission of Regulation NMS Rules 611 and 610(e), this forum provides an opportunity to explore the practical and regulatory implications for firms’ duty of best execution under FINRA Rule 5310. This event will feature two expert panels exploring these topics from both a practical and regulatory perspective.
Panel 1: Ascertaining the Best Market—NBBO Composition and Utility, Routing Decisions, and Transaction Costs (Duration: 75 minutes)
The national best bid and offer has long served as the foundational benchmark for best execution analysis, providing a consolidated, market-wide reference price against which order handling decisions are measured. This session examines how firms are approaching NBBO in an evolving market structure. Panelists will also address how firms should make and govern venue connectivity, costs and routing decisions and assure that routing practices demonstrate the prioritization of customer interests.
FINRA Speakers:
- Robert Cook, President and Chief Executive Officer
- Stephanie Dumont, Executive Vice President and Chief Market Services Officer
- Steve Luparello, Board of Governors
- Kayte Toczylowski, Senior Vice President, Member Firm Experience
Member Firm & Industry Speakers:
- Gregg Berman, Managing Director of Market Analytics and Regulatory Structure, Citadel Securities
- Rich Konefal, Chief Compliance Officer, Raymond James
- Adrian Griffiths, Head of Market Structure, MEMX
- Sapna Patel, Head of Americas Market Structure and Liquidity Strategy, Morgan Stanley
Panel 2: Operationalizing Best Execution—Order-by-Order and Regular and Rigorous Reviews, Order Handling Obligations, and Routing Chain Responsibilities (Duration: 64 minutes)
Best execution is a duty owed by firms to their customers. This session examines important considerations in putting that duty into practice—including order-by-order review standards, regular and rigorous review obligations, and how these analyses differ across retail and institutional order types, held and not-held designations, and responsibilities of the various members across the order routing chain.
FINRA Speakers:
- Robert Colby, Chief Legal Officer
- Nathaniel Stankard, Executive Vice President and Chief of Staff
- Kayte Toczylowski, Senior Vice President, Member Firm Experience
Member Firm & Industry Speakers:
- Tyler Gellasch , Co-founder and Board Member, Healthy Markets
- Annette Kelton, Senior Counsel & Co-Head of Equities, Goldman, Sachs & Co.
- Matt Levine, Deputy General Counsel and Chief Compliance Office, Virtu Financial
- Erin Medina, Director Capital Markets Compliance, Robert W. Baird
This event is closed to the press. FINRA member firms must provide their firm's broker-dealer number when registering.