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Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to change references in the Codes of Arbitration Procedure from the Neutral List Selection System to the list selection algorithm.
Transitioning to a 1 minute reporting time frame would make it more expensive for clients and make it harder for small firms like us to truly obtain best execution as we would be limited to only trading through our clearing firm. It’s a horrible idea and needs to be eliminated.
As an AMC GME APE I demand market transparency! Same day reporting is doable with the technology. End PFOF and Ban Dark Pools! Citadel Securities Scandal CEO Ken Griffin should be arrested immediately ORTEX should be releasing information to the public for free Enforce the rules that you already have in order SEC Rule 304(a) (4): Suspension, Limitation, or Revocation to the Exchange Link to rule on SEC website: https://www.sec.gov/rules/ final/2018/34-83663.pdf .
The 1 minute rule proposed would be very difficult for small broker dealers to keep, and would represent a major hurdle to our fixed income business. Most small broker dealers as is our case do not have a dedicate trading desk to handle this proposed new 1 minute rule, nor do they have the state of the art software that big firms may have access to. While compliance may be possible, this would likely dramatically increase errors and result in a worse execution outcome between counterparties.
