Pennsylvania + Wall

By Kenneth E. Bentsen, Jr.

In the following op-ed, originally published in The Bond Buyer, SIFMA's President and CEO Kenneth E. Bentsen Jr. comments on the regulation of municipal advisors.

 In light of the MSRB's dual mission to protect both municipal entities and investors, SIFMA urges the MSRB to interpret MSRB Rule G-17, effective immediately, to apply specific baseline provisions to municipal advisors. .... Read more...

 By Curt Bradbury and Kenneth E. Bentsen Jr.

 In the following op-ed, originally published in The Hill's Congress Blog, Curt Bradbury, Chief Operating Officer, Stephens Inc. and Chairman of SIFMA's board-level Market Structure Task Force, and Kenneth E. Bentsen Jr., SIFMA's President and CEO, share task force recommendations developed with the goal of enhancing transparency, providing fair and timely access to market data, and addressing the complexity and fragmentation caused by rebates and order types. 

The Security Industry and Financial Markets Association's (SIFMA) mission is to support a strong financial industry that facilitates investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. Robust equity markets are vital to accomplishing these goals. Recent concerns of disparate treatment in the equity markets have threatened investor confidence in the stock market and must be addressed.

It's true that the U.S. has the deepest and most liquid stock market in the world. Over the past ten years, innovation, regulation and the resulting competition in the marketplace have caused spreads to tighten, transaction costs to decrease and execution speeds to increase. It is now much easier and more affordable for all investors to participate in the equity markets...Continue Reading >

Curt Bradbury
Chief Operating Officer
Stephens Inc.
And, Chairman of SIFMA's board-level Market Structure Task Force

Kenneth E. Bentsen, Jr.
President and CEO
SIFMA.... Read more...

By Curt Bradbury and Kenneth E. Bentsen Jr.

In the following op-ed, originally published in the New York Times' DealBook, Curt Bradbury, Chief Operating Officer, Stephens Inc. and Chairman of SIFMA's board-level Market Structure Task Force, and Kenneth E. Bentsen Jr., SIFMA's President and CEO, share task force recommendations developed with the goal of enhancing transparency, providing fair and timely access to market data, and addressing the complexity and fragmentation caused by rebates and order types.  

The United States has the deepest and most liquid stock market in the world. Over the last decade, regulation, technological advancements and competition have created an equity market structure that is easier to access and far more affordable for investors, including retail investors. The result is a strong market system that helps Americans achieve financial security and provides companies with access to the capital they need to grow and create jobs.

These same factors that have benefited investors – technology, regulation, and competition – have also led to a market structure that is increasingly complex and fragmented. Much of the focus has been on speed of trading, the product of technological innovation. And while the markets are most certainly not “rigged,” and unquestionably less expensive in terms of commissions and spreads, this complexity and fragmentation has resulted in disparate treatment that is undermining investor trust and confidence. Failure to address declining trust will ultimately undermine the market itself.



 .... Read more...