Disclosed Trade-Through Prohibitions Discussion Participants by SEC
The Securities and Exchange Commission (SEC) is set to host a roundtable discussion on trade-through prohibitions on September 18, 2025. The event will take place at the SEC's headquarters in Washington, D.C. (100 F Street, N.E.) from 9:15 a.m. to 4:15 p.m. ET.
Agenda
The agenda for the roundtable includes opening remarks, a data presentation, and panel discussions. The event will be open to the public and webcast live on www.sec.gov. For in-person attendance, registration is required. Doors will open at 8:00 a.m. ET.
Panel One: Market Participants' Experience with Trade-Through Prohibitions Over the Past 20 Years
Panel One, moderated by Michael Piwowar and Jamie Selway, will focus on market participants' experience with trade-through prohibitions over the past 20 years. The panelists for this discussion include Julie Andress, Ari Burstein, Peter Haynes, Chris Isaacson, Katie Kolchin, Dave Lauer, Joe Mecane, Maureen O'Hara, Pankil Patel, Chris Solgan, and an unspecified individual.
Lunch Break and Panel Two
A lunch break is scheduled at 11:45 a.m., followed by Panel Two, which will start at 1:00 p.m. Panel Two, moderated by Andre Owens and Jamie Selway, will focus on a trade-through prohibition's role in today's highly automated and connected market structure. The discussion topics will include whether a trade-through prohibition is necessary, its objectives, its intersection with best execution obligations, ancillary rules supporting it, and the complexity it creates within the current market structure. The panelists for this discussion include Jim Angel, Allison Bishop, Hubert De Jesus, Armando Diaz, Jonathan Kellner, Kevin Kennedy, Matt MacKenzie, Chris Nagy, Adam Nunes, Jeff Starr.
Afternoon Break and Panel Three
A break is scheduled at 2:30 p.m., followed by Panel Three, which will start at 2:45 p.m. Panel Three, moderated by Elad Roisman and Jamie Selway, will focus on potential paths forward for trade-through prohibitions. The discussion topics will include maintaining the status quo, exemptions or modifications to the trade-through prohibitions, or rescinding trade-through prohibitions, and necessary changes if they are limited or rescinded. The panelists for this discussion include Robert Battalio, Matt Billings, Bob Colby, Daniel Gerhardstein, Jon Herrick, Vlad Khandros, Mehmet Kinak, Joe Saluzzi, Andrew Smith, Cameron Smith, Debbie Toennies.
Closing Remarks
The event will conclude at 4:15 p.m. with closing remarks. Remarks from SEC Chairman Paul S. Atkins are also scheduled. For those unable to attend in person, a link to watch the event will be available on www.sec.gov on September 18, and a recording will be available online at a later date.
