Comment Letter to SEC Responding to Concept Release on Equity Market Structure

May 07, 2010

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Topics: Securities and Exchange Commission SEC, Equity Market Structure, order handling rules, regulation ATS, decimalization, Regulation NMS, institutional investors, retail investors, liquidity, bid-ask spreads, transaction costs, technology, non-public trading, risk management, broker dealers, capital formation, long-term investors, short-term traders, registered investment advisers, private investment pools, pensions, endowments, foundations, insurance companies, direct market access, sponsored access, low latency technology, high frequency trading, HFT, automated trading, investor confidence, trading volume, order cancellations, market maker, specialist quotes, algorithm, quantitative strategies, global financial crisis, frontrunning, order anticipation, public information, momentum ignition, dark pools, Office of Economic Analysis, post-trade execution, National Market System, electronic communication networks, ECN, alternative trading systems, Intermarket Trading System Plan, ITS, Nasdaq, electronically accessibel quotes, New York Stock Exchange, NYSE, U.S. Department of Justice, National Association of Securities Dealers Inc., proprietary trading, electronic trading desks, inventory risks, inter-market arbitrage, price discovery, spreads, fees, execution speed, market depth, efficiency, transparency, Japan, Germany, United Kingdom, France, hedging, Market Crash of 1987, asset classes, fixed income, buyers, sellers, market fragmentation, investment time horizon, capital allocation, mutual fund, trading desk, competitive barriers, U.S Treasury bonds, Treasury ETF, large cap stocks, small cap stocks, securities lending, quote flickering, phantom liquidity, cancellation rate, limit orders, order protection rule, market consolidation, Designated Market Maker, volatility, short selling, market color, trends, sector change, co-location, price swings, pinging, upstairs market, post-trade transparency, connectivity vendors,
From: MFA, Stuart Kaswell

To:

Elizabeth Murphy, SEC
Mary Schapiro, Kathleen Casey, Elisse Walter, Luis Aguilar, Troy Paredes, Robert Cook, James Brigagliano, David Shillman

MFA submitted a letter to the SEC in response to its request for comments on its Equity Market Structure Concept Release. As a result of market structure changes, many aspects of our equity marketsspreads, fees, execution speed, efficiency, and pricing transparency/reliabilityhave steadily and drastically improved over the last several years to the benefit of investors. MFA also recognizes that the regulations and technological and market innovations, in reshaping the equity market structure, raise new regulatory concerns that the Commission should evaluate. MFA supports the Commissions efforts to review our rapidly developing market structure and to collect data to assist in its evaluation.

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