Wavelength Podcast Episode 162: IEX on the Transaction Fee Pilot
IEX’s John Ramsay joins to talk about the SEC’s proposed Transaction Fee Pilot and why he thinks it should move forward.
James Rundle, WatersTechnology’s editor, and Anthony Malakian, editor at large, record a weekly podcast touching on the biggest stories in financial technology.
To hear the full interview, listen in the player above, or you can download it.
This week, John Ramsay, chief market policy officer of IEX Group, the parent of the Investors Exchange (IEX), talks about the US Securities and Exchange Commission’s (SEC’s) Transaction Fee Pilot and why his company is supporting the regulator’s efforts, even as the likes of the New York Stock Exchange, Nasdaq and Cboe Global Markets are taking the SEC to federal court over the proposal.
0:45 John Ramsay joins the show.
3:00 John delves into the thinking behind the Transaction Fee Pilot.
7:00 The big US stock exchanges are taking the SEC to federal court. John does not think their legal claim is valid.
14:00 Fragmentation is exacerbating the problem. IEX is one of those startups that have entered the market. John contends that IEX’s proposition is different than others.
17:15 Dark pools are not part of the pilot. Is that a problem?
20:00 The largest exchanges contend that the average total cost to trade is lower on their exchanges than it is to trade of IEX. John disagrees.
22:45 He also does not think that the court will side with the exchanges.
25:00 What is ahead for IEX?
[WatersTechnology profiled Stacey Cunningham, president of the New York Stock Exchange (NYSE), one of the exchange groups that filed a lawsuit against the SEC. To read about their side of this debate, click here.]
Contact Info
As is the case with everything we do, we'd love to get some feedback from our listeners. Feel free to reach out to Anthony or James via Twitter or email.
Anthony Malakian, editor at large: @a_malakian; anthony.malakian@infopro-digital.com
James Rundle, US editor: @JimRundle; james.rundle@infopro-digital.com
Past 10 episodes:
Episode 152: Initial Margin Tech & Investment Theory
Episode 153: Nasdaq's Lars Ottersgård
Episode 154: Bryan Cross, UBS Asset Management
Episode 155: Martin Boyd of FIS; A Look at the CAT
Episode 156: Gil Mandelzis, Capitolis
Episode 157: FIA Boca Preview & Other News
Episode 158: Giancarlo’s Swan Song; Crypto Madness; DTCC/ASX Blockchains
Episode 159: Simon Hazlitt on Cloud Challenges
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: https://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Regulation
Waters Wavelength Ep. 332: DTCC’s Val Wotton
This week, Val Wotton joins the podcast to discuss the necessary steps leading up to the T+1 transitions in the UK and EU.
DORA delay leaves EU banks fighting for their audit rights
The regulation requires firms to expand scrutiny of critical vendors that haven’t yet been identified.
Citi gears up for EU T+1 climb
The bank has a dedicated team examining what it needs to do to ensure a successful transition to T+1 in Europe.
The great disappearing internet—and what it could mean for your LLM
AI-generated content, bots, disinfo, ads, and censorship are killing the internet. As more of life continues to happen online, we might consider whether we’re building castles atop a rotting foundation.
AI’s next gig: The rising cost of off-channel communications compliance
As the cost of analyzing communications increases, what tools can firms deploy to save time and money while avoiding penalties?
CAT on life support after appeals court ruling
Ahead of a comprehensive review promised by the SEC, lawyers believe that the recent overturn of the Consolidated Audit Trail’s funding order could herald its demise.
Euroclear readies upgrade to settlement efficiency platform
Euroclear, Taskize, and Meritsoft are working together to deliver real-time insights and resolution capabilities to users settling with any of Euroclear’s CSDs.
Messaging’s chameleon: The changing faces and use cases of ISO 20022
The standard is being enhanced beyond its core payments messaging function to be adopted for new business needs.
