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Government Pilot Favors Dark Pools Over Transparency

The Access Fee Pilot is not a silver bullet, and any changes to equity market structure must take a more holistic approach.


WASHINGTON – The American Securities Association (ASA) today released the following statement in response to SEC Commissioner Robert Jackson’s recent speech examining the state of America’s stock markets:


“Commissioner Jackson raised several thoughtful and important questions regarding the current state of U.S. equity market structure. However, calls to move forward with an Access Fee Pilot which is singularly focused on maker-taker are a red herring,” said ASA CEO Christopher Iacovella. “The Access Fee Pilot is not a silver bullet, and any changes to equity market structure must take a more holistic approach. The reality is that this pilot is being pushed by the owners of dark pools who want to increase trading volume on their venues, and any government-sponsored increase in dark pool trading will do nothing but benefit one group of market participants at the direct expense of others.”


The ASA further highlighted its concerns regarding the Access Fee Pilot in a recent comment letter to the SEC. To read the full letter, click here.



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