Who wins if the SEC implements a ban on PFOF/Exchange Rebates?
January 25, 2022
Host: Peter Haynes, Managing Director and Head of Index and Market Structure Research, TD Securities
Guest: J.W. Verret, Associate Law Professor, George Mason University
What legal action can the Securities and Exchange Commission (SEC) take toward a ban on PFOF and rebates? Professor J.W. Verret and Peter Haynes explore SEC's previous attempt to study exchange rebates in the D.C. Circuit Court of Appeal, what makes this case different and how the SEC may be able to defend itself against counter legal actions. Verret also weighs in on another market structure case in front of the D.C. Circuit: Citadel vs. the SEC's approval of the Investor Exchange (IEX) D-Limit order.
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Peter Haynes
Managing Director and Head of Index and Market Structure Research, TD Securities
Peter Haynes
Managing Director and Head of Index and Market Structure Research, TD Securities
Peter Haynes
Managing Director and Head of Index and Market Structure Research, TD Securities
Peter joined TD Securities in June 1995 and currently leads our Index and Market Structure research team. He also manages some key institutional relationships across the trading floor and hosts two podcast series: one on market structure and one on geopolitics. He started his career at the Toronto Stock Exchange in its index and derivatives marketing department before moving to Credit Lyonnais in Montreal. Peter is a member of S&P’s U.S., Canadian and Global Index Advisory Panels, and spent four years on the Ontario Securities Commission’s Market Structure Advisory Committee.
This podcast was originally recorded on January 14, 2022.
