The Securities and Exchange Commission today announced the agenda and panelists for its September 18, 2025 roundtable on trade-through prohibitions.
The roundtable will be held at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C., from 9:15 a.m. – 4:15 p.m. ET. The event will be open to the public and webcast live on the www.sec.gov. Doors will open at 8:00 a.m. ET.
For in-person attendance, please register. Visitors will be subject to security checks.
For online attendance, registration is not necessary; a link to watch the event will be available on September 18 at www.sec.gov, and a recording will be available online at a later date.
More information, including how to submit comments, is available on the SEC Trade-Through Prohibitions Roundtable’s event page.
Agenda
8:00 a.m. Doors Open
9:15 a.m. Opening Remarks - SEC Commissioner Caroline Crenshaw, SEC Commissioner Hester Peirce, and Jamie Selway, Director, SEC’s Division of Trading and Markets
9:45 a.m. Data Presentation – SEC’s Division of Trading and Markets - Office of Analytics and Research
Presenters: Jesse Brady, Arun Manoharan, and Dan Mathisson
10:15 a.m. Panel One – Market Participants’ Experience with Trade-Through Prohibitions
Panel One will focus on market participants’ experience with trade-through prohibitions over the past 20 years. Areas for discussion will include: the effects of trade-through prohibitions on market participants and market structure including unintended consequences of trade-through prohibitions; the effects of trade-through prohibitions on retail and institutional trading; the cost of compliance with trade-through prohibitions for different market participants; differences in experiences with trade-through prohibitions in the equity market versus the options market; and experiences in markets without a trade-through prohibition.
Moderators: Michael Piwowar, Milken Institute and Jamie Selway, Director, SEC’s Division of Trading and Markets
Panelists:
- Julie Andress, Securities Traders Association and KeyBanc Capital Markets
- Ari Burstein, IntelligentCross
- Peter Haynes, TD Securities
- Chris Isaacson, Cboe Global Markets, Inc.
- Katie Kolchin, Securities Industry and Financial Markets Association
- Dave Lauer, Urvin Finance and We the Investors
- Joe Mecane, Citadel
- Maureen O’Hara, Cornell, SC Johnson Graduate School of Management
- Pankil Patel, Bank of America
- Chris Solgan, MIAX Exchange Group
11:45 a.m. Lunch Break
12:45 p.m. Remarks from SEC Chairman Paul S. Atkins
1:00 p.m. Panel Two – A Trade-Through Prohibition’s Role in Today’s Market
Structure
Panel Two will focus on a trade-through prohibition’s role in today’s highly automated and connected market structure. Areas for discussion will include: whether a trade-through prohibition is necessary and what objectives it achieves; how a trade-through prohibition intersects with the fulfillment of best execution obligations; the ancillary rules that support a trade-through prohibition such as rules restricting locking or crossing quotations and access fee caps; and whether a trade-through prohibition creates unnecessary complexity within the current market structure.
Moderators: Andre Owens, WilmerHale and Jamie Selway, Director, SEC’s Division of Trading and Markets
Panelists:
- Jim Angel, Georgetown University
- Allison Bishop, Proof Trading
- Hubert De Jesus, BlackRock
- Armando Diaz, PureStream
- Jonathan Kellner, MEMX
- Kevin Kennedy, Nasdaq
- Matt MacKenzie, Optiver
- Chris Nagy, Healthy Markets Association
- Adam Nunes, Hudson River Trading
- Jeff Starr, Schwab
2:30 p.m. Break
2:45 p.m. Panel Three – Forward Thinking
Panel Three will focus on potential paths forward for trade-through prohibitions. Areas for discussion will include: maintaining the status quo; exemptions from, or modifications to, the trade-through prohibitions (e.g., market share thresholds for protected quotes or block trade exceptions); or rescinding trade-through prohibitions. The discussion will also include other necessary changes if trade-through prohibitions are limited or rescinded such as amending or rescinding other rules, or providing guidance to market participants (e.g., additional best execution guidance).
Moderators: Elad Roisman, Cravath, Swaine & Moore and Jamie Selway, Director, SEC’s Division of Trading and Markets
Panelists:
- Robert Battalio, University of Notre Dame
- Matt Billings, Robinhood
- Bob Colby, FINRA
- Daniel Gerhardstein, Jump Trading Group
- Jon Herrick, New York Stock Exchange
- Vlad Khandros, OneChronos
- Mehmet Kinak, T. Rowe Price
- Joe Saluzzi, Themis Trading
- Andrew Smith, Virtu Financial
- Cameron Smith, Texas Stock Exchange
- Debbie Toennies, J.P.Morgan
4:15 p.m. End of Program
