Market Structure

A change in the mix of investors is causing fundamental shifts in U.S. equity markets – from where volume trades, to when it trades, to what vehicles investors are using to access the markets. Cowen Research interviews Jennifer (“Jenny”) Hadiaris, Head of Global Market Structure at Cowen and Company and Jaret Seiberg, Financial Services & Housing Policy Analyst. They explore how market structure is changing, key challenges, how investors are adapting, and our perspective on the prospects for regulation.

What we’re watching

• Retail trading
• Payment for order flow (“PFOF”)
• Concentration of liquidity among a small number of wholesaling broker details
• Trading volume moving away from stock exchanges and Alternative Trading Systems (“ATS,” also commonly known as “dark pools”)