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Extraction Summary
9
People
9
Organizations
0
Locations
1
Events
8
Relationships
3
Quotes
Document Information
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Report page
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Summary
This document summarizes panel discussions from the 2016 Future of Financials Conference. The first section covers equity market structure, with a survey indicating 74% of investors feel it needs revamping, citing issues with liquidity and incentives. The second section discusses the Department of Labor's fiduciary rule, noting that 83% of investors expect it to cause significant changes to the brokerage industry.
People (9)
| Name | Role | Context |
|---|---|---|
| Anthony Barchetto | ||
| Jamil Nazarali | ||
| Eric Stockland | ||
| Pankil Patel | ||
| White | ||
| Obama | ||
| Michael Hadley | ||
| Lisa Bleier | ||
| Kevin Crain |
Organizations (9)
| Name | Type | Context |
|---|---|---|
| BATS Global Markets, Inc. | ||
| Citadel Securities Inc. | ||
| IEX Corp. | ||
| BofA Merrill Lynch | ||
| Bank of America Merrill Lynch | ||
| SEC | ||
| Department of Labor's (DOL) | ||
| Davis & Harman LLP | ||
| SIFMA |
Timeline (1 events)
2016 Future of Financials Conference
Relationships (8)
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Key Quotes (3)
"We asked investors what they thought of the current state of the equity market structure, and 74% thought that the market needs revamping."Source
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Quote #1
"Will the DOL's fiduciary rule cause meaningful changes to the brokerage industry?"Source
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Quote #2
"Most investors believe that the rule will cause a number of significant changes to the brokerage industry (83%), including significant pressure on commission revenues, a shift to advisory and fee based accounts, and assets in motion with some to robo advisor and RIA platforms."Source
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Quote #3
Full Extracted Text
Complete text extracted from the document (2,627 characters)
Equity Market Structure: Simplifying the Complex
• Guest speakers in this panel included Anthony Barchetto (EVP, Head of Corporate
Development, BATS Global Markets, Inc.), Jamil Nazarali (Head of Execution
Services, Citadel Securities Inc.), Eric Stockland (Chief Strategy Officer, IEX Corp.)
and Pankil Patel (Managing Director, Electronic Sales, BofA Merrill Lynch).
Development, BATS Global Markets, Inc.), Jamil Nazarali (Head of Execution
Services, Citadel Securities Inc.), Eric Stockland (Chief Strategy Officer, IEX Corp.)
and Pankil Patel (Managing Director, Electronic Sales, BofA Merrill Lynch).
• Panel members had a spirited debate regarding the current market structure pros
and cons, rebates, off-exchange trading, latency, market maker obligations, and the
future of regulation post the election.
and cons, rebates, off-exchange trading, latency, market maker obligations, and the
future of regulation post the election.
• We asked investors what they thought of the current state of the equity market
structure, and 74% thought that the market needs revamping. 32% believe that
there was a problem with the depth of liquidity and 23% thought there were
misaligned incentives.
structure, and 74% thought that the market needs revamping. 32% believe that
there was a problem with the depth of liquidity and 23% thought there were
misaligned incentives.
Chart 72: What is your view of the current state of the equity market structure?
35%
32%
30%
27%
25%
23%
20%
14%
15%
10%
5%
5%
0%
32%
30%
27%
25%
23%
20%
14%
15%
10%
5%
5%
0%
The market
structure is overall
adequate
structure is overall
adequate
The market
structure needs
improvement –
notably in
transparency
structure needs
improvement –
notably in
transparency
The market
structure needs
improvement –
notably in liquidity
of size
structure needs
improvement –
notably in liquidity
of size
The market
structure needs
improvement –
notably in
misaligned
incentives
structure needs
improvement –
notably in
misaligned
incentives
The market
structure needs a
full revamp
structure needs a
full revamp
Source: BofA Merrill Lynch Global Research
• Given the announcement that SEC Chairwoman White will leave at the end of
President Obama's term, this will likely lead to some regulatory uncertainty and lack
of activity given not enough commissioners to make forward progress. In addition,
the new Chair will likely be focused on less regulation and one panel member
thought Reg NMS could come under review.
President Obama's term, this will likely lead to some regulatory uncertainty and lack
of activity given not enough commissioners to make forward progress. In addition,
the new Chair will likely be focused on less regulation and one panel member
thought Reg NMS could come under review.
Life after DOL: Evolving Beyond the Fiduciary Rule
• We hosted industry experts for a panel on the Department of Labor's (DOL)
fiduciary rule, which is set to go into effect in April 2017. Panel participants
included Michael Hadley (Partner at Davis & Harman LLP), Lisa Bleier (Associate
General Counsel at SIFMA), and Kevin Crain (Head of Workplace Financial Solutions
at Bank of America Merrill Lynch).
fiduciary rule, which is set to go into effect in April 2017. Panel participants
included Michael Hadley (Partner at Davis & Harman LLP), Lisa Bleier (Associate
General Counsel at SIFMA), and Kevin Crain (Head of Workplace Financial Solutions
at Bank of America Merrill Lynch).
• Given potential changes for the brokerage industry, we asked investors “Will the
DOL's fiduciary rule cause meaningful changes to the brokerage industry?”. Most
investors believe that the rule will cause a number of significant changes to the
brokerage industry (83%), including significant pressure on commission revenues, a
shift to advisory and fee based accounts, and assets in motion with some to robo
advisor and RIA platforms.
DOL's fiduciary rule cause meaningful changes to the brokerage industry?”. Most
investors believe that the rule will cause a number of significant changes to the
brokerage industry (83%), including significant pressure on commission revenues, a
shift to advisory and fee based accounts, and assets in motion with some to robo
advisor and RIA platforms.
Bank of America
Merrill Lynch
Merrill Lynch
2016 Future of Financials Conference | 17 November 2016 49
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