US Institutional Equity Trading 2019 Market Structure: A Buy-Side Perspective

The U.S. equities markets are gearing up for their first major structural shift since Reg NMS was implemented in 2007. The Big Three exchange operators, NYSE, Nasdaq, and Cboe, are in the industry’s crosshairs and their only allies are the enormous legal teams that they employ. There are three new quasi-independent exchanges planning to launch in the next 12 months, two of which have a considerable amount of industry firepower backing them. Furthermore, the SEC threatens two of the profit centers of these exchange operators through the pending transaction fee pilot and the recent guidance on market data license fee increases. For TABB Group’s 15th annual Institutional Equity Trading (IET) report, we interviewed heads of trading at 92 buy-side firms in the first and second quarters of 2019. The results will be published in six parts. For Part 4, titled “Market Structure: A Buy-Side Perspective”, we reviewed buy-side views on the effects of forthcoming equity trading venues, the transaction fee pilot, new Rule 606 reporting requirements, closing auctions, and the cost of market data.

To access the first three parts of  TABB's 2019 US Institutional Equity Trading bench mark reports, download:

Part I: US Institutional Equity Trading 2019 Liquidity: Blocks, Algos, Analytics, and Impact

Part II: US Institutional Equity Trading 2019 Trends: Is Active Management an Endangered Species?

Part III: US Institutional Equity Trading 2019: Broker League Tables