President's Journal

STA Special Report - U.S. Market Structure - 2008

Written by: John Giesea

30 April 2008

Each November, STA leadership meets to set priorities in place for the coming year. In December, we committed to create another Special Report.

This edition represents collaborative efforts over recent months and we think the result is a document that provides commentary on current conditions, as well as specific recommendations intended to further enhance a market that has undergone a complete makeover in the past 12-18 months.

Regulation NMS had a stated objective of “modernizing and strengthening” U.S. markets – clearly those objectives have been achieved. Our markets have performed admirably in recent months when one considers the turbulent economic times, accompanied by record volume and unthinkable levels of data being transmitted.

STA has held that market structure is constantly evolving and that we should be able and willing to make adjustments allowing for continuous improvements resulting in a world-class market for equities. As such, we have discussed and made recommendations in the Order Protection Rule, market openings, Regulation SHO and market data fees.

Balancing regulation and competition remains the key for U.S markets to maintain global leadership.

The ‘writing” committee consisted of 10 members of STA leadership and the outcome is a result of “regular and rigorous” debate. STA does not regularly issue such commentary (last in 2003) and we are committed to do so only when we feel that we can add value to our markets.

We look forward to active discussions on the topics discussed in the coming weeks.

This report was created by a team of 13 over the last several months and has been unanimously approved by the STA Board of Governors. These individuals are Bart Green, Peter Driscoll, Brett Mock, Lou Matrone, Lisa Utasi, Joseph Cangemi, Mark Madoff, Joseph Mecane, Tony Sanfilippo, David Franasiak, Joel Oswald, Terry Mulry and John Giesea.

Click here to view the Special Report in its entirety.

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Comment

STA Washington - Forecasting "Change" in 2008 - Elections to Market Structure

Written by: John Giesea

30 January 2008

The Security Traders Association invites you to participate in our 12th Annual Washington Conference, the premier conference on public policy for equity markets, on May 6-7, 2008, at the Willard InterContinental Hotel in Washington, D.C.

We have enhanced this program from year-to-year and have achieved critical success. As a result, the conference is now recognized as unique in providing access to and substantive dialogue with senior policymakers and legislators.

Participants are senior members of the Securities & Exchange Commission, as well as members of the Senate and House who are charged with oversight responsibilities of the financial services industry. For example, last year Congressmen Bachus, Fossella, Hensarling, Moore and Congresswoman Pryce, along with SEC Chairman Cox and SEC Market Regulation Director Erik Sirri were among our speakers. You can view highlights of the 2007 Washington Conference on our web site at http://www.securitytraders.org by clicking on Conference Videos under Industry Resources.

We commence on Tuesday afternoon with featured speakers focused on market structure both domestically and globally. SEC Division of Trading & Markets Director Erik Sirri and Investment Management Director, Buddy Donohue will be featured participants. SEC Commissioner Paul Atkins will address us on Wednesday and we will update the program as we receive further commitments.

On Tuesday evening our participants will proceed to a dinner at the American Red Cross Headquarters, which will feature remarks from our very special guest speaker Newt Gingrich. He will address the assemblage on the political climate heading into the 2008 elections.

On Wednesday we will move to our program of speakers from the SEC and Congress. We will conclude with a lunch featuring a keynote address from SEC Chairman Chris Cox.

I am writing to invite you and your firm to mark the conference in your calendar – it is one that is unique in our industry and from which you will benefit by attending,

We look forward to having you join us for another highly successful Washington event.

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Comment [9]

2008 - It Starts in Chicago - ends in Denver

Written by: John Giesea

2 January 2008

On the eve of the Security Traders Association of Chicago’s Annual Mid-Winter Meeting, I thought it appropriate to let you know that STA Affiliates conduct outstanding conferences throughout the year. Please refer to our web site (www.securitytraders.org >members>calendar) for dates.

While STA (the parent) is forming plans for our 12th Annual Washington Conference and our 75th Annual Conference I wanted to recommend exploring all of our events.

Each individual STA Affiliate is unique in its own way – their conferences – their venues and their formats all differ and together make events worthy of attending. The quality of content has been vertical and the opportunity to enjoy local members is special.

Given January, I would urge you to renew your membership in your respective affiliate. As important, if you are not a member currently you should join immediately – attending one conference will generally cover the cost of membership. Contact your local leadership for further information, or we would be happy to assist.

Chicago’s meeting is typically a barometer of the coming year – if this is true in 2008 – we are looking at a very good year.

Best wishes for good health and a “great 2008”.

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Comment

Happy Holidays from STA

Written by: John Giesea

17 December 2007

I join with the entire Board of STA in extending our best wishes to each of you along with a wish for a very happy Holiday Season!

We have much to be grateful for and it is our individual membership that makes our organization special. Each person is key to our collective success.

One of the greatest attributes of STA members is your generosity. This has been demonstrated throughout North America in 2007 through the efforts of Affiliate leadership and from both “sweat equity” and dollars of our individual members.

2007 has been another milestone in market structure and provided many tests for the industry. We look for 2008 to be equally dynamic and challenging. STA embraces change and our leadership is poised to tackle challenges ahead with the objective of having US markets remain the world’s best and for our members to be recognized and rewarded for their vital contributions.

As we enter 2008 – STA will be celebrating its 75th Annual Conference. Look for some special events honoring our past and celebrating our future.

So – to you, your families and loved ones – “thanks for the memories” and enjoy a happy and healthy New Year.

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Comment

Politics 2008 - Dec. 11th Conference Call

Written by: John Giesea

27 November 2007

STA is pleased to again offer an open conference call with the nation’s leading political analyst – Charles Cook.

The call will take place on December 11, 2007, at 4:15 EST.

Charles E. Cook, Jr.

Charlie Cook is Publisher of The Cook Political Report, and political analyst for the National Journal Group, where he writes weekly for National Journal magazine and CongressDailyAM. He also writes a regular column for the Washington Quarterly, published by the Center for Strategic and International Studies, and is a political analyst for NBC News.

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STA 74th Annual - Videos Available

Written by: John Giesea

14 November 2007

STA has a reputation for providing the highest quality industry conferences with timely information from top leaders. The program we enjoyed in Boca has drawn a very positive response and confirmation that STA sets the standard for business content.

We are pleased to be able to share speeches and panels that formed the nucleus of our recent program in Boca Raton (October 5-7, 2007).

Please go to Industry Resources > Conference Videos and select the speaker you wish to hear. This includes all speakers who addressed the assemblage on Thursday – Friday and Saturday content will be available in the next two subsequent weeks.

As we continue to enhance our Washington and Annual Conferences, we welcome any feedback.

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