Time Running Out to Comment on FINRA’s Plan to Register Algorithmic Trading Strategy Developers

Michelle ComellaMarket Rules & Responsibilities

FINRA issued Regulatory Notice 15-06 through which they announced their proposal to require associated persons of FINRA member firms who are either (i) primarily responsible for the design, development or significant modification of algorithmic trading strategies, or (ii) responsible for supervising such activities to register as Securities Traders. Read more from Ziliak Law Partner Michelle M. Comella. Update: The comment period … Read More

SEC’s Focus Shifts in 2015 OCIE Priorities

Michelle ComellaMarket Rules & Responsibilities, Operations

This is the first of a series on financial regulators’ 2015 examination priorities.   The SEC’s priorities focus on three broad topics: 1) protecting retail investors and, in particular, investors saving for retirement; 2) assessing market-wide risks; and 3) identifying and examining potential illegal activity through the use of data analytics.  Ziliak Law Partner Michelle M. Comella and Associate Diona Rogers … Read More

CME Rule 575: Disruptive Trading Practices Explained

Zach ZiliakMarket Rules & Responsibilities

Ziliak Law Associate Doug Cahanin, Founder of Derivatives Law  Blog, wrote this blog on disruptive trading practices on October 21, 2014. It is excerpted below, the full article is available by clicking “read more.” Starting Point: The Commodity Exchange Act The Chicago Mercantile Exchange (“CME”) recently issued a new rule, CME Rule 575, and an accompanying Market Regulation Advisory Notice … Read More

A Tale of Two Issues: Breaking Down the HFT Debate

Zach ZiliakMarket Rules & Responsibilities, Operations, Video

Managing Partner Zach Ziliak has seen both sides of the HFT universe. A As a quant at an investment bank, he developed trading algorithms. As an attorney, he represents firms covering the whole Investment spectrum. As a participant in the AT 9000 initiative, he is working on the development of quality management standards for the testing of high frequency and … Read More

Regulating Automated Trading

Zach ZiliakMarket Rules & Responsibilities

Ziliak Law Partner Zach Ziliak wrote a guest commentary on John Lothian News on 9/12/13; it is excerpted below. To read the full article, please click “read more.” Guest Commentary: Regulating Automated Trading, Not Just Chilton’s Cheetahs The Commodity Futures Trading Commission’s Technology Advisory Committee (CFTC TAC) met Thursday to address swap regulations and automated trading (AT). Most press attention … Read More

High Frequency Trading Rules: Three Part Harmony

Zach ZiliakMarket Rules & Responsibilities, Video

Prior to opening Ziliak Law, Zach Ziliak was invited by Marketswiki.tv to speak on HFT practices in January 2013. The full article (excerpted below) and video is available by clicking “read more.” High-frequency trading (HFT) has been in the financial press a lot over the past several years. From the Flash Crash of 2010 to the collapse of Knight Capital in … Read More