A regulatory perspective: future of electronic trading across asset classes - PowerPoint PPT Presentation

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A regulatory perspective: future of electronic trading across asset classes

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  1. A regulatory perspective:future of electronic trading across asset classes Clarke Camper

  2. agenda • U.S. Political Landscape • 2013 Regulatory Agendas • Looking Ahead: Spread of Regulation

  3. 1. u.s. political landscape

  4. Conflict as the new normal… Source: Nate Silver, NY Times

  5. 2. 2013 regulatory agendas

  6. Tech a key focus • SEC • Reg SCI • Consolidated audit trail (CAT) • Dark pool audits • Order types • CFTC • DFA rules (SEFs, clearing mandates, etc.) • MF Global • FINRA • Market reg exams • Policymakers • Glitches • HFT • FTT

  7. 3. Expansion of regulation

  8. Regulatory growth = Tech opportunities • Continued movement from exchange to proprietary trading • Both equities and derivatives • Opportunity for custom IT systems and applications • Decline of asset class distinctions • Expansion of electronic trading from equities, futures & fx…to swaps & fixed income • Alternative assets: new intermediaries for credit products • Potential new taxes • FTT • “Financial crisis responsibility fee”