SEC Announces Agenda and Panelists for Roundtable on Trade-Through Prohibitions
For Immediate Release
Washington D.C., Aug. 27, 2025 — The Securities and Exchange Commission (SEC) has unveiled its agenda and a lineup of panelists for a highly anticipated roundtable scheduled for September 18, 2025, focused on trade-through prohibitions. These regulations, which prevent transactions from being executed at a price worse than the national best bid or offer, have long been a topic of discussion among market participants and regulators alike.
The event will be hosted at the SEC’s headquarters in Washington, D.C., and promises to draw significant public interest. Doors will open early at 8:00 a.m. ET, with the roundtable scheduled to commence at 9:15 a.m. ET, concluding at 4:15 p.m. ET. It is essential for industry stakeholders to engage in this discussion, given the evolving nature of market structures dominated by technological advancements.
Event Details
The SEC’s roundtable is open to the public and will be webcast live, ensuring that investors and interested parties can participate remotely. Registration to attend in person is required due to security protocols, while online viewers can access the broadcast without prior registration.
Agenda Breakdown
The structure of the roundtable consists of several critical sessions aimed at dissecting the implications and evolution of trade-through regulations:
- Opening Remarks: Keynote addresses from SEC Commissioners Caroline Crenshaw and Hester Peirce set the tone, reflecting the SEC’s commitment to understanding market dynamics in the context of trade-through prohibitions.
- Panel Discussions:
- Panel One will delve into the lived experiences of various market participants over the past two decades. It is crucial to assess the regulations’ impact on market structure, compliance costs, and the differences observed in equity versus options markets.
- Panel Two will examine whether the current framework is still necessary in our automated ecosystem, contemplating the interaction between trade-through prohibitions and best execution obligations.
- Panel Three looks forward, discussing potential modifications or the abolition of these prohibitions, considering newly emerging market practices and technologies.
The diversity of panelists ranging from academics like Maureen O’Hara from Cornell to industry practitioners from major financial institutions ensures a comprehensive dialogue.
Historical Context and Future Implications
Historically, trade-through rules were established to enhance market integrity and protect investors, especially during the rapid evolution of electronic trading in the early 2000s. However, as market dynamics continue to shift, with high-frequency trading and advancements in technology, questions arise regarding the relevance and efficacy of these prohibitions today.
As regulatory discussions unfold, industry participants should be attentive to the implications of potential regulatory changes. The SEC’s initiative can be viewed as a pivotal moment for reshaping market regulations that balance investor protection with the need for innovation and efficiency in financial markets.
Conclusion: The upcoming roundtable is poised to provide valuable insights and foster constructive dialogues among regulators, market participants, and stakeholders, potentially leading to significant developments in the regulatory landscape governing equity and options trading. Engaging with the outcomes of this discussion will be essential for anyone with a vested interest in the continued evolution of our financial markets.
Stay Informed
For ongoing updates, registration for in-person attendance, or to access the live stream, interested parties should visit the SEC’s official event page.