Equity Market Structure Reform – Process and Hurdles

The Securities and Exchange Commission (SEC) voted yesterday to propose a slate of equity market structure reforms that were largely in line with our expectations and (if finalized) would have significant implications for brokers, wholesales, and exchanges, among others [Robinhood (HOOD), Charles Schwab (SCHW), Virtu Financial (VIRT), Citadel Securities (private), Nasdaq(NDAQ), and Intercontinental Exchange (ICE)].