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ASA Statement on SEC Investor Advisory Committee & Equity Market Structure



WASHINGTON, DC – The American Securities Association (ASA) today issued the following statement from ASA President & CEO Chris Iacovella on the meeting of the U.S. Securities and Exchange Commission’s Investor Advisory Committee discussing equity market structure proposals.

 

“We applaud the Investor Advisory Committee for taking up the issue of improving transparency and fairness in U.S. equity markets, especially as it relates to promoting competition and challenging the position of monopoly interests,” said ASA President & CEO Chris Iacovella. “However this debate plays out, the SEC’s market structure changes must not allow for-profit monopolies to impose unreasonably high costs for trading access, connectivity, and data feeds. We look forward to working with the IAC and the Commission on these critical issues.”

 

In October 2023, ASA released a statement on the SEC’s proposal prohibiting national securities exchanges from offering volume-based transaction pricing in connection with the execution of agency-related orders in NMS stocks and submitted comments to the SEC on that proposal earlier this year.

 

Last year, ASA submitted comments to the SEC on its equity market structure proposals. 

 

In June of 2021, ASA submitted a comment letter to the SEC Investor Advisory Committee (IAC) regarding the Commission’s equity market structure proposals, including the volume-based pricing tiers that serve broker-dealers.

 

 

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About the American Securities Association

 

American Securities Association, based in Washington, DC, represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.

 

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