STANY is the voice of the trading community in the Great New York City area. STANY represents individuals, engaged in the buying, selling and trading of securities. STANY does not represent a single business or business model, but rather provides a forum for trading professionals from institutions, broker-dealers, ECNs, ATSs and systems providers to share their unique perspectives on issues facing the securities markets. Our members work together to promote their shared interest in efficient, liquid markets, as well as their concern for investor protection. We believe that strong and efficient markets require an appropriate balance between effective regulation and innovation and competition.

Stories of interest highlighted are do not necessarily reflect the opinions of the STANY Board or the membership. We hope that you will find the articles chosen to be of interest and the links to the left to be a quick resource to other news stories and market information. 

Study Says Sarao May Not Have Been Responsible for Flash Crash

BloombergBusiness- by John Detrixhe and Suzi Ring
Sarao may not have had a material, or even any, impact on the bout of equity market volatility in May 2010 that later became known as the flash crash, according to a draft research report by University of California, Santa Cruz and Stanford University professors dated Jan. 25. READ

US Equity Market Structure: A Work in Progress

Valerie Bogard - Tabb Group
In 2015, regulators made progress on SEC Chair Mary Jo White’s 13 directives for US equity markets. However, there is still more to be done. From concerns about order routing disclosures to calls for an anti-disruptive trading rule, market participants are entering 2016 with an important list of new rules they are hoping will materialize and advance in the coming months. READ

Research Note: Equity Market Volatility on August 24, 2015

This Research Note assesses the operation of U.S. equity markets under the stressed conditions of August 24. In recent years, the SEC and self-regulatory organizations (“SROs”) have implemented several regulatory initiatives to address transitory price volatility. Among other things, August 24 provides a useful opportunity to evaluate the practical operation of these initiatives. READ