1. CSX Information Memorandum 17-09 Amendments to CHX Rules Addressing Qualified Contingent Trades, Cross Orders and CHX Recordkeeping Requirements

    On September 22, 2017, the SEC approved Chicago Stock Exchange, Inc. Rule Filing SR-CHX-2017-12 regarding Qualified Contingent Trades (“QCTs”) and related information recording obligations by certain Participants which will become operative on January 9, 2018. The purpose of this Information Memorandum is to discuss the noteworthy changes set forth in the approved rule filing

    1/18/2018

  2. MSRB Regulatory Notice 2018-01 MSRB Reminds Dealers of Existing Guidance on Filtering of Bids and Offers

    The MSRB recently released data reflecting the robust use of alternative trading systems (ATSs) by brokers, dealers and municipal securities dealers (collectively, “dealers”) for interdealer municipal securities transactions. In light of developments in the use of ATSs and the role of broker’s brokers, as well as almost two years of experience since the implementation of MSRB Rule G-18, on best execution, which has been a regulatory and examination priority for enforcement agencies, the MSRB is publishing this regulatory reminder to remind dealers about existing regulatory responsibilities related to certain aspects of the practice of filtering (or screening), which may have a negative impact on dealers’ customers, particularly retail investors, and market efficiency.

    1/3/2018