Schwab and Others Confirm Status as Casinos, Purveyors of Financial Opioids

Paul Rowady – “Ok. So, in order to avoid one of those vein-popping rants, I just want to remind that there is no such thing as a free lunch, that the retail brokerages are not charities, and that they will absolutely make up lost commission revenues in other ways, usually obfuscated way down in the guts of their workflow process where few people notice.”

Meet Your (Market) Maker: Europe’s ELP SIs Gain Ground

Tim Cave – As Exhibit 4, below, shows, the future prospects for the ELP SI market are affected by a range of regulatory, operational and competitive forces. Taking all these factors into account, we think there is no reason why this market won’t continue to grow over the next 12 to 28 months. That said, the continued collection of data on ELP SI execution quality by brokers is likely to reinforce the consolidation of activity into the best-performing SIs, making it difficult for others to survive.

4 Steps to Successful CAT Onboarding and Certification

David Campbell – Where is your firm in the onboarding process right now?

  • Have you read all the documents and signed all the necessary legal agreements to gain entry into the CAT testing environment?
  • Have you determined your default reporting ID?
  • Have you begun to assign your account administrators for CAT?
  • Have you signed up your reporting agents?

And most important: Will you be ready for industry testing when it starts on Dec. 16, 2019?

Best Execution in the US: 3 Things Broker-Dealers Need to Think About

John Jannes – Here are three key takeaways that broker-dealers need to think about.

1. Now is the time to have conversations with your downstream brokers and venues.

2. Start gathering the required look-through data.

3. Understand the two options to obtain and process downstream execution data.