Equity Market Structure & Index Benchmark Survey results: Key issues for 2021
By: Peter Haynes
February 19, 2021 - 1 minute
As recent effects of the growth in retail trading and off-exchange activity in U.S. stock markets still lingers, it's crucial to identify the key issues impacting benchmark users and market structure followers as regulators prioritize proposed changes into 2021 and beyond.
Our Institutional Equities team completed their first Equity Market Structure Survey and Index Benchmark Survey, collecting valuable insights directly from the institutional investor community.
Our Institutional Equities team completed their first Equity Market Structure Survey and Index Benchmark Survey, collecting valuable insights directly from the institutional investor community.
Review the full results of our Equity Market Structure Survey and Index Benchmark Survey
Our Equity Market Structure Survey captured investor perspectives on:
- Market data reform
- Off-exchange volume growth
- Payment for order flow
Highlights from our Index Benchmark Survey included reactions to:
- Cost of benchmark licenses
- ESG considerations for benchmark construction
- The role of China in emerging market benchmarks
Respondents were largely North American asset owners and asset managers but results also include global participants. For more information, contact Peter Haynes.
Disclaimer
The information is for discussion purposes only. These materials may not be used for any purpose other than as may be specifically contemplated by a written agreement with TD Securities
The information in this presentation reflects prevailing conditions and our views as of this date, all of which are accordingly subject to change. TD Securities’ opinions and estimates constitute TD Securities’ judgment and should be regarded as indicative, preliminary and for illustrative purposes only. In preparing the materials, TD Securities has relied upon documents and information prepared or supplied to TD Securities from the Company and other sources, without independent verification by TD Securities. Any estimates and projections contained herein have been based upon estimates and projections contained in such documents and third party sources and there is no assurance that such estimates and projections will be realized. Neither TD Securities nor any of its employees, affiliates, advisors or representatives makes any representations (express or implied) as to the accuracy or completeness of such information contained herein and nothing contained herein is or shall be construed or relied upon as, a representation, whether as to the past, present or future. Nothing herein should be construed as tax, accounting or legal advice. TD Securities does not have any obligation to update or otherwise revise the materials and information contained herein.
TD Securities believes that these materials must be considered as a whole and that selecting portions of the analyses and the factors considered by TD Securities, without considering all of the factors and analyses together, could create a misleading view of the presentation. The preparation of a presentation such as this is complex and is not necessarily susceptible to partial analysis or summary description. Any attempt to do so could lend to undue emphasis on any particular factor or analysis.
These materials must not be disclosed, copied or reproduced, distributed or passed to others at any time without the prior written consent of TD Securities.
Notwithstanding anything herein to the contrary, the Company and each of its employees, representatives or other agents may disclose to any and all persons, without limitation of any kind, the U.S. federal and state income tax structure of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to the Company relating to such tax treatment and tax structure insofar as such treatment and/or structure relates to a U.S. federal or state income tax strategy provided to the Company by TD Securities.
TD Securities’ policies prohibit employees from offering, directly or indirectly, a favorable research rating or specific price target, or offering to change a rating or price target, to a subject company as consideration or inducement for the receipt of business or for compensation. TD Securities also prohibits its research analysts from being compensated for involvement in investment banking transactions except to the extent that such participation is intended to benefit investors.
“TD Securities” is a trademark of The Toronto-Dominion Bank and represents TD Securities Inc., TD Securities (USA) LLC., TD Securities Ltd and certain investment and corporate banking activities of The Toronto-Dominion Bank and its regulated subsidiaries. The Toronto-Dominion Bank, TD Bank Europe Ltd and TD Securities Ltd are regulated for investment business conducted in the UK by the FCA. TD Global Finance is regulated for investment business conducted in Ireland by the Central Bank of Ireland. This document is prepared, issued or approved for issuance in the UK and Europe by TD Securities Ltd on behalf of or as agent and introducer for TD Bank.
These materials do not constitute a commitment by any TD Securities entity to underwrite, subscribe for or place any securities or to extend or arrange credit or to provide any other services.
Answers that were "No opinion/answer" were omitted.
The information in this presentation reflects prevailing conditions and our views as of this date, all of which are accordingly subject to change. TD Securities’ opinions and estimates constitute TD Securities’ judgment and should be regarded as indicative, preliminary and for illustrative purposes only. In preparing the materials, TD Securities has relied upon documents and information prepared or supplied to TD Securities from the Company and other sources, without independent verification by TD Securities. Any estimates and projections contained herein have been based upon estimates and projections contained in such documents and third party sources and there is no assurance that such estimates and projections will be realized. Neither TD Securities nor any of its employees, affiliates, advisors or representatives makes any representations (express or implied) as to the accuracy or completeness of such information contained herein and nothing contained herein is or shall be construed or relied upon as, a representation, whether as to the past, present or future. Nothing herein should be construed as tax, accounting or legal advice. TD Securities does not have any obligation to update or otherwise revise the materials and information contained herein.
TD Securities believes that these materials must be considered as a whole and that selecting portions of the analyses and the factors considered by TD Securities, without considering all of the factors and analyses together, could create a misleading view of the presentation. The preparation of a presentation such as this is complex and is not necessarily susceptible to partial analysis or summary description. Any attempt to do so could lend to undue emphasis on any particular factor or analysis.
These materials must not be disclosed, copied or reproduced, distributed or passed to others at any time without the prior written consent of TD Securities.
Notwithstanding anything herein to the contrary, the Company and each of its employees, representatives or other agents may disclose to any and all persons, without limitation of any kind, the U.S. federal and state income tax structure of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to the Company relating to such tax treatment and tax structure insofar as such treatment and/or structure relates to a U.S. federal or state income tax strategy provided to the Company by TD Securities.
TD Securities’ policies prohibit employees from offering, directly or indirectly, a favorable research rating or specific price target, or offering to change a rating or price target, to a subject company as consideration or inducement for the receipt of business or for compensation. TD Securities also prohibits its research analysts from being compensated for involvement in investment banking transactions except to the extent that such participation is intended to benefit investors.
“TD Securities” is a trademark of The Toronto-Dominion Bank and represents TD Securities Inc., TD Securities (USA) LLC., TD Securities Ltd and certain investment and corporate banking activities of The Toronto-Dominion Bank and its regulated subsidiaries. The Toronto-Dominion Bank, TD Bank Europe Ltd and TD Securities Ltd are regulated for investment business conducted in the UK by the FCA. TD Global Finance is regulated for investment business conducted in Ireland by the Central Bank of Ireland. This document is prepared, issued or approved for issuance in the UK and Europe by TD Securities Ltd on behalf of or as agent and introducer for TD Bank.
These materials do not constitute a commitment by any TD Securities entity to underwrite, subscribe for or place any securities or to extend or arrange credit or to provide any other services.
Answers that were "No opinion/answer" were omitted.
Managing Director and Head of Index and Market Structure Research, TD Securities
Managing Director and Head of Index and Market Structure Research, TD Securities
Managing Director and Head of Index and Market Structure Research, TD Securities
