DRW CEO Don Wilson at SEC-CFTC Joint Roundtable on regulatory framework for innovation

🚨 This week’s SEC–CFTC Joint Roundtable marked a pivotal moment in capital markets regulation — signaling a shift away from disjointed oversight toward true harmonization between the two agencies. 🔹 Paul Atkins, Chairman of the SEC, called for the agencies to “coordinate seamlessly, reduce duplicative regulation, and give markets the clarity they deserve.” 🔹 Mark Uyeda, SEC Commissioner, pointed to “information-sharing agreements, joint examinations, and harmonized reporting forms” as concrete ways to avoid duplicate requirements. 🔹During the market participants panel, Stephen Berger of Citadel emphasized the need to eliminate duplicative regulation, reporting, and examinations. 🔹 Hester Peirce, SEC Commissioner, wrapped up by noting the roundtable showcased a renewed effort by the agencies to pursue the “common goal of fostering a thriving, competitive financial system upon which a prosperous economy can serve the nation’s needs.” AIMA - The Alternative Investment Management Association has submitted a petition calling for precisely the kind of regulatory harmonization that the SEC and CFTC jointly committed to achieving: https://lnkd.in/eDmCEqpW This collaboration could represent one of the most important regulatory shifts in years — facilitating innovation and greater capital formation while reinforcing confidence in U.S. markets. #alternatives #SEC #CFTC

Transparency, Fairness, and a Rare Victory for Investors Big win today for the SEC, Healthy Markets Association (HMA), and investors on Reg NMS. The D.C. Circuit upheld the U.S. Securities and Exchange Commission’s authority to cap access fees and overhaul Reg NMS, rejecting challenges from Cboe and Nasdaq. This ruling reaffirms the SEC’s power to shape equity market structure in ways that promote competition, transparency, and best execution. Whatever comes next, preserving this authority is a victory for investors and fair markets. For investors, this matters. Unchecked exchange fee structures and routing conflicts can drive up costs and limit access to the best prices. By affirming the SEC’s ability to set guardrails on access fees and preserve best execution standards, the court protected the principle that markets should serve investors first—not the venues that profit from them. A special shout out to Tyler Gellasch, CEO of Healthy Markets Association, who has been a relentless advocate for investors. HMA filed a brief supporting the SEC and has consistently shaped the debate on conflicts of interest, routing incentives, and best execution—ensuring the investor perspective is always at the center of market-structure reform. I’m proud that LXR Group, L.L.C. has the privilege of supporting HMA in this mission. The implications extend beyond equities. As Congress debates digital asset legislation, including #tokenization and #DeFi, this case underscores that courts continue to recognize broad SEC authority to write and enforce market-structure rules. That authority will be tested in the months ahead, as the debate the optimal market structure for #crypto continues to unfold. #MarketStructure #InvestorProtection #RegNMS #DigitalAssets #CapitalMarkets

It was always obvious, but the SEC’s authority to regulate market structure was challenged in court. And given the state of jurisprudence related to agencies’ exercise of authority and discretion, this challenge was more of a nail-biter than we might have hoped. Luckily, recent bipartisan rules changes to improve equity market structure withstood a legal challenge in the DC Circuit. Thanks to Thomas Burns at Burns, PA for another great brief. Now, what will the newly constituted SEC do? We’re now working to make sure the agency implements its rules without further delay.

At the recent U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission Roundtable on Regulatory Harmonization, Nasdaq Chair and CEO Adena Friedman called for a unified, investor-focused approach to market oversight. She urged policymakers for regulatory alignment across asset classes and technologies — reducing friction, promoting innovation, and protecting investors. From consistent standards for trading platforms to responsible “innovation exemptions,” Adena emphasized the need for collaboration, clarity, and fairness across U.S. markets. Watch her remarks and read more about Nasdaq’s vision for a harmonized regulatory framework: http://spr.ly/6042AQOD2

Earnings season could soon be very different. The U.S. Securities and Exchange Commission is considering moving the financial reports schedule from quarterly to semiannual. IBD news editor Ed Carson discusses what semiannual reporting would mean for publicly traded companies and what investors need to know.

Adena Friedman’s perspective on modernizing regulation really resonated with me. Just as Nasdaq highlights the importance of clarity and efficiency, I believe the same applies to reporting in investment banking and wealth management. By automating processes and shifting from quarterly to semiannual reporting where possible, firms can spend less time on routine tasks and more time driving long-term strategy, productivity, and growth. In my role as a Reporting Analyst, I’ve seen firsthand how rethinking processes and eliminating inefficiencies can enhance decision-making and profitability. Modernization, whether in regulation or internal operations, ultimately creates space for innovation and growth. #Innovation #Productivity #Automation #WealthManagement #InvestmentBanking

We’re celebrating World Investor Week and our colleagues are here to share insights to help you become a smarter, more resilient investor. In line with the themes, today’s message comes from Roshenara Pitta, Chief Analyst in #CIMA’s Securities Supervision Division: “As digital evolution continues to shape the financial industry, investors of all ages and means must make informed, research-driven decisions. If it sounds too good to be true, it just might be. Regulatory bodies may not always offer investor protection and guarantee return of funds when losses are incurred, therefore individuals should be prudent in assessing their financial means, risk appetite and the underlying products they are investing in.” #WIW #IOSCOWIW2025 #SmartInvestor #InvestorEducation #CaymanIslands #FinancialServices

The 19th ICMA European Primary Market Forum is the must-attend gathering for capital market professionals. In a year defined by political shifts, monetary policy changes, and global uncertainty, this forum delivers the insights and strategies you need to navigate debt markets, liquidity, and funding challenges in 2025 and beyond.   A headline fireside chat will look into how treasury teams are navigating the bond market, the outlook for the year ahead and their priorities for 2026, including issuance conditions and the search for alternative currencies and markets, key shifts in investor sentiment and engagement, expectations around sustainability-linked financing and fresh approaches in treasury processes and adoption of new technologies and innovations that may define the next funding cycle. Another key session will cover regulatory and legal developments in the primary markets, exploring key regulatory updates and evolving market practices impacting bond issuance and settlement. Panellists will examine regulatory changes impacting offering documentation, including the UK’s new prospectus regime, and initiatives by the ICSDs to enhance cross-border settlement efficiency.  Join your peers, connect with industry leaders, and gain fresh perspectives from a day of insights and networking. https://lnkd.in/ezMV9bzX Bond market outlook fireside speakers: Katie Kelly (ICMA - International Capital Market Association) Kwok Liu (National Grid) Duy Tran, CFA (Crédit Agricole CIB) Regulatory and Legal Practice Developments in the Primary Markets speakers: Konstantinos C. (NatWest Markets Plc) Mark Dwyer (DLA Piper) Dan Kuhnel (Euroclear) Miriam Patterson (ICMA - International Capital Market Association)

On November 5, 2025, the Brazil-Florida Business Council, Inc. (BFBC)will be hosting an insightful webinar titled "Gateways to US Markets: Governance Changes for Brazilian Issuers." This session features two exceptional capital markets attorneys, Brian Soares of Carlton Fields and Henrique Lang of Pinheiro Neto Advogados, who will bring a wealth of knowledge and experience to the table. The discussion will center around the practical steps Brazilian issuers must take to meet U.S. listing requirements. Our guest speakers, both with extensive backgrounds involving the U.S. Securities and Exchange Commission and securities offerings in Brazil, will share their expertise on navigating the complexities of cross-border securities regulations. Brian and Henrique will explore key governance changes impacting Brazilian companies seeking to enter U.S. markets, offering actionable insights and strategies for compliance. They will emphasize the importance of understanding the regulatory landscape and how to align with investor expectations to facilitate successful market entry. The engaging conversation will allow participants to ask questions, share experiences, and discuss best practices. Attendees will leave the webinar with valuable resources and greater clarity on how to effectively approach U.S. listings, making it a notable event for anyone involved in international capital markets. Complimentary webinar but registration is required to access:https://lnkd.in/e3fWqk5J #Capitalmarkets #securities #listings #nasdaq #nyse