What's Been Happening July 2020
First, let me take a minute to thank our sponsors, board members and more importantly the entire STANY membership for allowing me serve as your President. I would also like to thank Kim Unger. There is little doubt that without Kim this organization would have struggled to remain relevant during what has become our new normal.
As a STANY member for over 20 years, it was a great honor for me to lead this organization and I will be forever grateful. I thought at first it sounds pretty amazing to say that I was the 4th woman to hold the position but now I will go down in the history books as the first to serve during a pandemic, with all our events going virtual. I feel that this challenge will result in an opportunity for STANY with new members. We are at a critical time where community and staying in touch with trading colleagues is most critical for our survival. Let’s use this time to drive membership and participation. As members, reach out to your clients and co-workers and invite them to participate and become members. The excuse of not being able to travel no longer exists when we are all sitting in our living rooms, bedrooms, kitchens and the lucky ones that thought ahead and have a dedicated home office.
In 2019, STANY was able to successfully hold our Annual Conference at the NYSE with dual tracks that resulted in more presentation and more than 500 attendees, a successful golf outing that was moved from July to October within a few quick hours, International STANY, with a timely panel on Direct Listings, and of course our Annual Meeting with the Bootleggers Tasting to follow. As a two-term president, I had the opportunity to select not one but two amazing charities–The Foundation for Women Warriors and Wall Street Rides FAR. As the President’s Choice Charities, both charities benefited directly from fundraising efforts initiated by STANY and both charities received additional monies through partnering with Dash Financial at their poker night.
2020, brought new challenges to the organization as we looked to remain relevant during the COVID Pandemic. These challenges required us to find new ways to reach our membership. We have conducted a virtual WIF cocktail hour, STANY Talks Webinars and have worked with our community to craft several comment letters in response to proposed regulatory changes.
I would ask you, as members and sponsors, to please reach out to STANY if there is a topic that you would like us to address in a Webinar, discuss at our conference or comment upon. Again, I would like to sincerely thank the Membership, the Board and all of our loyal supporters and sponsors.
I can think of no other person that would be better suited to take on the role as our next President than James Hyde. Jim has gone over and above during his time on the executive board of STANY–his options expertise and different prospective has made our organization stronger. Working with management at the NYSE to secure an amazing venue for the last two annual conferences just touches the surface of Jim’s efforts to assist STANY. Jim isn’t afraid to lend a hand and reach into his rolodex (aging myself) to find industry experts. Whatever needs to get done, he is there to help. Multi-tasking is a skill that Jim Hyde excels at with his day job at the NYSE, as STA Governor, with his whiskey business and building houses as a hobby.
I look forward to remaining on the STANY board and continuing to work with Jim and again thank you all for your support during the past two years.
Post Fee Pilot Cancellation, What's Next?
On July 14th, STANY hosted a discussion of market structure following the US Court of Appeals for the DC Circuit's ruling that the SEC could not require exchanges to conduct a pilot to test how transaction fees and incentives affect brokers’ trading habits. Senior industry leaders discussed where we go from here; whether there is a problem to be solved, whether next steps call for a regulatory response and whether there are non-regulatory approaches to market structure that can enhance the trading experience.
This event was open to STANY Members, Sponsors and their Guests.
Don't Fret–If you missed it you can view it on demand HERE for a limited time.
Moderated by David Weisberger, Co-founder and CEO, CoinRoutes
Michael Blaugrund, COO, NYSE
Melissa Hinmon, Director of Equity Trading, Glenmede Investment Management LP
Phil Mackintosh, Chief Economist, Nasdaq
Jamil Nazarali, Global Head of Business Development, Citadel Securities
Rich Steiner, Head of Client Advisory and Market Innovation, RBC Capital Markets
This webinar was made possible through our partnerships with:
Annual Meeting & AMA Fire-side Chat
On July 28th, we conducted our Annual Meeting via Zoom. The meeting featured an AMA fire-side chat titled Why Now Might be the Best Time to Start a Company–12 Reasons to Press Forward and 6 Reasons to Hesitate with entrepreneurs, Anna Gannon, Founder and Inventor, Curbicus and Laurel Touby, Managing Partner, Supernova Ventures. Anna and Laurel shared their experiences with founding and funding companies and provided insight into opportunities presented by COVID and things to consider when starting a business.
A replay of the meeting and presentation is available on demand HERE for a limited time.
What's Coming Up
Based on positive feedback to a recent poll of members, sponsors and past golf outing attendees, STANY is working on plans for a golf outing in September at the Fairmount Country Club in Chatham, NJ.
We have been assured that Fairmount will follow social distancing and cleaning mandates (carts are sanitized after play, masks are required indoors, currently there is no access to showers, locker rooms are open but you can also change shoes outside etc.) to provide an enjoyable event, but one that places safety first. Current guidelines allow for the use of carts (weather conditions permitting) with up to two players per cart, or walking the course if you prefer, boxed lunches, beverage stations on the course, and an outdoor cook-out style dinner and cocktails after golf.
We will provide additional information and open registration and sponsorship opportunities early in August. Please keep a look out!
STANY's 84th ANNual conference is going virtual–November
Given the social distancing and travel constrains occasioned by the pandemic, STANY's Annual Capital Markets Conference will be held virtually in November. We are working on the format and dates of the event and should have further details shortly. While we are disappointed that we will not be able to meet in person, we are heartened by the fact that a virtual event will allow us to reach a wider audience for our content and attract speakers and guests who otherwise might have been unavailable to travel or take time from work to attend.
In the meantime, we will continue to host #STANYTalks Webinars providing content to the community on relevant industry topics.
Our Virtual Conference and #STANYTalks Webinars will be presented at no cost to members and all employees of sponsoring firms.
If you are intertested in supporting STANY and particpating in the Conference or a #STANYTalks Webinar, please contact [email protected] to discuss options.
On July 10th, SEC voted to propose amendments to Form 13F disclosure rules. The Commission seeks to change the thresholds for reporting from $100M to $3.5B to reflect changes in the value of securities since 13F was initiated in 1978. The proposal will dramatically reduce the number of investment managers who will be required to file quarterly 13Fs disclosing their holdings. Additionally, the proposal would eliminate the ability of managers to omit certain small positions, thereby increasing the overall holdings information required from larger managers with accounts over $3.5B.
In basic form the rationale articulated by the Commission for the change in reporting threshold include:
- Financial savings for small managers who have complained about the expense of quarterly reporting.
- Combating copycatting and frontrunning of small managers’ positions.
- Reducing burdens on SEC staff who currently spend time answering questions of investment managers related to filings.
- Modernizing the rule to reflect the original intent of the rule to include transparency and disclosure of only those investment managers with substantial holdings.
The rule filing may be accessed here: https://www.sec.gov/rules/
Commissioner Allison Herren Lee's Statement on the Proposal to Substantially Reduce 13F reporting may be found at https://www.sec.gov/news/public-statement/lee-13f-reporting-2020-07-10
Comment letters are due 60 days after publication of the proposed rule filing in the Federal Register (as of July 29th the rule had not been published). STANY is working on a letter on behalf of its members. If you are a member and have an opinion or position which you think should be considered by the STANY Board when writing our letter, please reach out to [email protected].