Brett Redfearn, Director of the SEC’s Division of Trading and Markets, has said proposed changes to governance structures for US consolidated equity market data would help to tackle conflicts of interest which have contributed to the development of a two-tier market.
“Fundamentally, the idea is to make sure the governance structure reflects the way the world looks today and has a greater diversity of views that eliminates some of the conflicts that have potentially been guiding plans up to the present moment,” he said on Wednesday, speaking the Security Traders Association (STA) 2020 Market Structure Virtual Conference.
On Tuesday, the SEC released for public comment a filing made by exchanges and FINRA on August 11 which proposes a new single national market plan governing the public dissemination of real-time consolidated equity market data for NMS stocks. The proposal is available for 30 days from publication in the Federal Register, after which the SEC will make amendments and issue the final plan. The new filing is the latest iteration of a regulatory reform process which began in January 2020 when the SEC published a proposed order to increase transparency and reduce conflicts of interest in the governance of consolidated equity market data.
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