STA Supports Liquidity Provision and as well as Pools with Fair Access and Full Disclosure

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2 November 2009

(New York: October 30, 2009) The STA affirms its support of the importance of liquidity providers regardless of the market capitalization of any particular stock. The US securities markets provide for the health and growth of the overall economy as well as the engine for raising capital. Absent the provision of liquidity, our securities markets would not exist. Historically, liquidity has been provided in exchange listed securities by specialists and market makers and in OTC securities by market makers. Both take risk to secure fair, liquid, and orderly trading.

Over the course of recent decades technology has evolved this function but its importance to investors and issuers remains the same.

Consistent with this, STA’s history has been one of participation by, and support of “liquidity providers.” Representation of liquidity providers and their perspective is a core mission of the STA. The importance of their role in the market is essential to any debate regarding market structure, or rules and regulation of exchanges, brokers, or ATSs.

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About The STA

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 6,000 members, all engaged in the buying, selling, and trading of securities. Members participate in STA through 28 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.