‘Positive Step’
“We view this as a positive step forward in assessing whether we should make a change to access fees,” said Adam Nunes, head of business development at Hudson River Trading LLC. He added that the pilot would provide data useful to considering whether different, long-discussed measures aimed at increasing on-exchange trading should be adopted.
Delays getting a test program off the ground rankled lawmakers, spurring members of the Senate Banking Committee to call for swifter action on it earlier this year.
Farley and Davis also lamented the advisory committee’s lack of diverse voices, saying that listed companies and listing venues weren’t adequately represented on it. Farley highlighted concern that the group’s subcommittees meet behind closed doors, although the two exchange operators have declined invitations to weigh in at subcommittee meetings.
“Those meetings should be held in the light of day, and not in a dark room,” he said.