STA News Media

Press Release: STA Report Calls for Modification of U.S. Market Structure--Key Drivers, Issues Identified

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30 April 2008

(New York: April 30, 2008) The Security Traders Association (STA), the leading advocacy and education organization for professional equity traders in the U.S., today issued a special report. The report details the key drivers of current market structure in the U.S. and recommends incremental actions to improve the markets, assure continued market quality, and sustain U.S. competitiveness. The STA offers this report to establish a dialogue on issues of concern with industry participants and policymakers.

The report finds that U.S. equity market structure has evolved considerably and that the evolution is due primarily to changes in exchange structure, regulation, and technological advancements. One consequence of this evolution is the volatility the U.S. equity markets are now experiencing. These changes and their consequences are having a significant impact on the securities industry and investors.

Among the key findings of the report are: Click here to view the press release in its entirety.


Comment Letter: STA Special Report -- U.S. Market Structure--2008

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30 April 2008


Press Release: STA Applauds Continued Reduction in Section 31 Fees

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5 March 2008

STA Applauds Continued Reduction in Section 31 Fees
Demonstrates Value of Cooperative Effort with Legislators and Regulators

(New York: March 5, 2008) The Security Traders Association (STA), the leading advocacy and education organization for professional equity traders in the U.S., today applauds the continued reduction in Section 31 fees, which are collected on equity trades from the securities industry to fund the Securities and Exchange Commission (SEC).

The STA worked with the Congress to help pass in 2002 The Investor and Capital Markets Fee Relief Act, which projected a reduction in the fee structure. Section 31 fees are paid by investors every time they sell a stock. The Act also increased funding for the SEC and granted SEC employees pay parity with Federal banking regulators as a way to help the Commission attract and retain quality staff.

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Press Release: Green Elected STA Chairman - 2008

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26 November 2007

Green Elected STA Chairman – 2008
Assumes Role at Critical Time in Securities Industry

(New York: October 12, 2007) The Security Traders Association, which represents 5,000 broker and institutional equity securities traders in North America has elected Bart Green, Vice-President of A.G. Edwards and Sons, Inc., as its 2008 Chairman, effective January 1, 2008. He assumes the one-year term of the Association’s Chairmanship at a critical time for professional traders.

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Comment Letter: STA Urges Real-Time Trade Reporting in OTC ADR's

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16 August 2007

Dear Ms. Morris:

The Security Traders Association (“STA”) appreciates the opportunity to comment on rule proposal SR-NASD-2007-039 filed by the National Association of Securities Dealers, Inc. (“NASD”), currently known, and hereinafter referred to, as the Financial Industry Regulatory Authority, Inc. (“FINRA”). In Release 34-56103, FINRA proposes to delay implementation of certain rule changes approved in SR-NASD-2005-146 until after November 26, 2007. Specifically, FINRA is proposing to delay the approved rule changes that relate solely to the expansion of the scope of NASD IM-2110-2 to OTC Equity Securities and the related deletion of NASD Rule 6541.

The STA supports the proposed expansion of the Manning interpretation to OTC Equity Securities, and agrees with FINRA that the implementation date should be delayed in order to allow firms to make necessary systems changes to ensure the continuation of a fair, liquid, and orderly market.

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Comment Letter: STA Comments on SR-NASD-2007-029--OTCBB Access Fees

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4 June 2007

Dear Ms. Morris:

The Security Trader’s Association (“STA”) welcomes the opportunity to comment on the National Association of Securities Dealers, Inc.‘s (“NASD”) proposal to amend NASD Rule 6540© to exclude from the access fee display requirements access fees below a specified level. Specifically, the NASD proposes to allow a participating ATS or ECN to not display its access fee in its published quotation on the OTC Bulletin Board (“OTCBB”) if the fee is $0.003 per share or less for a published quotations that is $1.00 or greater and less than 0.3% of the published quotation on a per share basis if the published quotation is less than $1.00. For the reasons discussed below, we respectfully oppose the proposal and request that the Commission reject it.

The STA is a worldwide professional trade organization that works to improve the ethics, business standards and working environment for our members. There are approximately 5,200 members, all engaged in the buying, selling, and trading of securities. Members participate in STA through 27 national and international affiliate organizations and represent the interests of the trading community and institutional investors. The STA provides a forum for our traders, representing institutions, broker-dealers, ECNs, and floor brokers to share their unique perspectives on issues facing the securities markets. They work together to promote their shared interest in efficient, liquid markets as well as in investor protection.

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Comment Letter: STA Comments on Ammendments to Reg SHO and Rule 10a-1

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12 February 2007

Dear Ms. Morris:

The Security Traders Association (“STA”) welcomes the opportunity to comment on the Commission’s proposal to remove the tick test of Rule 10a-1, add Rule 201 of Regulation SHO to provide that no price test, including and price test of any SRO, shall apply to short sales in any security, prohibit any SRO from having a price test, and amend Rule 200(g) of Regulation SHO to remove the requirement that a broker-dealer mark a sell order of an equity security as “short exempt” in the seller is relying on an exception from the price test of Rule 10a-1, or any price test of any exchange or national securities association.


Press Release: STA Favors NASD-NYSE Consolidation Plan

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28 November 2006

STA FAVORS NASD-NYSE CONSOLIDATION PLAN

(New York: November 28, 2006) John Giesea, President and CEO of the Security Traders Association issued the following statement for publication on the NASD-NYSE consolidation announced today:

“The consolidation of member regulation operations and the development of a new private SRO is a positive development for the U.S. capital markets. It will secure a cost effective and efficient regulatory environment for market participants.

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Press Release: STA Applauds Reduction in Section 31 Fees

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28 November 2006

The Security Traders Association (STA), the leading advocacy and
education organization for professional equity traders in the U.S., today applauds the reduction in Section 31 fees, which are collected on equity trades from the securities industry to fund the Securities and Exchange Commission (SEC).


Comment Letter: STA Comments on Three Quote Rule

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21 November 2006

Dear Ms. Morris:

The Security Trader’s Association (“STA”) welcomes the opportunity to comment on the proposed amendments to NASD Rules 2320(g) and 3110(b) to exclude from the “Three Quote Rule’s” coverage transactions in foreign securities of a foreign issuer that are part of the FTSE All-World Index. We support the NASD’s efforts to improve the ability of broker-dealers to provide timely and best execution to their customers’ orders; however, we express our concerns and endorse the comments submitted by Canaccord Capital Corporation (“Canaccord Letter”). NASD’s stated intention to withdraw all existing exemptions it has granted to the “Three Quote Rule” that relate to foreign securities without any explanation, empirical data, analysis or study of the consequences of that action, will have the opposite effect.


Comment Letter: STA White Paper: Fulfilling the Promise of the National Market System--STA's Perspective on U.S. Market Structure

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1 August 2003

August 1, 2003

To Those Interested in U.S. Market Structure Issues:

In 1975, the Congress mandated that the Securities and Exchange Commission (“SEC” or “Commission”) facilitate the development of a National Market System (“NMS”). Its goal was to assure that securities markets in the United States remain the most efficient and liquid in the world. It was expected that the NMS would foster best execution of customer orders and that broker-dealers would place the interests of their customers first. The Security Traders Association (“STA”) shares the goal of achieving the objectives of the NMS and maintaining efficient and liquid U.S. markets. Fulfilling the promise of the NMS will serve to make the securities markets more efficient and the capital formation process more robust, and in turn benefit the nation’s economy and investors in this critical time to the United States.

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