A Tale of Two Pilots: Maker-Taker and the Tick Pilot


Senators conducting a hearing on U.S. equity market structure earlier this month vented their frustrations at the slow pace of regulatory change in equity market structure reforms. At the March 3 hearing, lawmakers repeatedly cited delays in developing the consolidated audit trail, or CAT system, for market-wide surveillance, questioning to what extent progress has been made.



Senators conducting a hearing on U.S. equity market structure earlier this month vented their frustrations at the slow pace of regulatory change in equity market structure reforms.

At the March 3 hearing, lawmakers repeatedly cited delays in developing the consolidated audit trail, or CAT system, for market-wide surveillance, questioning to what extent progress has been made.

“It’s beyond frustrating that six years after the Flash Crash we still haven’t built the CAT,” stated Sen. Michael Crapo (R-Idaho), who is a ranking member of the Banking, Housing and Urban Affairs Subcommittee on securities, insurance and investment of the Committee on Banking, Housing and Urban Affairs. They also cited a lack of progress on bond market transparency whereby brokers are charging markups and markdowns on retail bond trades.

Despite some delays, SEC and FINRA officials conveyed that a number of market structure initiatives are in progress and could come to fruition in 2016 before the term of the current Obama administration ends.

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FlexTrade is a global leader in broker-neutral, execution and order management trading systems for equities, FX, options, futures and fixed income. A pioneer in the field, FlexTrade introduced the first trading system that allowed clients to control and customize their proprietary algorithms while maintaining the confidentiality of their trading strategies. Change is the only constant in electronic trading. That's why FlexTrade is continuously upgrading its products and services. All can be tailored to meet the demanding requirements of a global client base of more than a 225 buy- and sell-side firms.
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