SEC Market Structure Proposal
Q1 2023: Retail Panel


Adrian Griffiths, Head of Market Structure, MEMX


Mike Masone, Director and Head of Market Structure, Citi

Andrew Upward, ETF Strategist, Jane Street

Jeff Starr, Managing Director Operational Services, Schwab


00:00Rule overview
02:08Will the proposed SEC changes do more harm than good to retail market participants?
04:57How would tick size reforms impact retail vs. institutional businesses and alternative trading venues?
11:24How would the proposed tick reform affect market makers?
12:50Would quote harmonization benefit retail investors? Are there better ways to achieve the outcome the SEC is looking for?
16:02Would lowering the access fee cap impact liquidity provision?
19:42What's the right balance to strike on access fees for all sides of the markets?
24:33Would the increased transparency of round lot reform be of value to retail investors?
26:49Would round lot reform allow market makers to quote tighter spreads?
29:22What key takeaways should the SEC take from the industry comment letters?