Cadwalader’s Vivian Maese Leads Panel on the Impact of New Regulations at The Security Traders Association of New York's Annual Conference

Apr 10, 2019

Cadwalader partner Vivian Maese moderated a panel titled the "Impact of New Regulations on the Buy and Sell Side Trader" at The Security Traders Association of New York's (STANY) 83rd annual conference on Thursday, April 4 in New York.

Maese, a partner in Cadwalader’s Corporate Group and an industry-leading fintech lawyer, facilitated the discussion among the following panelists: Curt Engler, Head of Trading The Americas, JP Morgan Asset Management; Gene DeMaio, Esq., Senior Vice President, FINRA; Joe Mecane, Head of Execution Services, Citadel Securities; and Joe Wald, CEO, Clearpool Group.

The panel addressed a range of timely topics focused on the impact of new regulations and technology developments on the securities trading profession.

More specifically, the conversation covered:

  • FINRA’s enhanced use of cloud-based and data-driven tools for market surveillance and its 2019 examination priorities for the review of broker/dealer trading activities
  • SEC’s amendment to Rule 606 which requires disclosures for order routing decisions, signaling its interest in how payment for order flow relates to market structure 
  • SEC’s Rule 613 requiring a consolidated audit trail (CAT) and its impact on market transparency 
  • Issues surrounding the cost of market data to the industry 

“Just as new regulations contribute to the fast pace of change within the securities industry, so too are machine learning algorithms changing the game for regulators in their discovery of market manipulation by market participants,” Maese said.

Based in New York, Maese focuses on complex strategic and corporate technology transactions in the financial services industry, with a focus on technology, regulation and compliance. She advises clients, ranging from bulge-bracket financial institutions to emerging companies, on matters at the intersection of financial services regulation, trading and markets, and technology and intellectual property-based transactions, as well as new technology innovations in financial services, such as blockchain, crypto assets and machine learning.

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