An important to-do still in the SEC's court is responding to SIFMA's request for some relief as to the  collateral segregation requirements. As originally approved by the SEC, the Rule 15c3-3 requirements for clearing of US Govs are overly complicated and create a substantial drain on broker-dealer liquidity.  

Given the importance of the US Government securities markets, it is surprising how little consideration seems to have been given to the operational complexity…

In wishing the best for new Chair Selig, it should also be noted that Acting Chair Pham had an impactful tenure in that role. She accomplished a remarkable amount to clean up nonsensical regulations. She made the CFTC's regulations more harmonious and less duplicative with the SEC's regime, curtailed enforcement overreach, and introduced a sensible regime for crypto assets. A job well done.  

It is not often that, having made blunt and detailed predictions that were disregarded at the time, one gets not only to say "I told you so," but also to undo the failures. Chair Atkins has that opportunity.

The Trade-Through Rule will hold on for a bit longer, rules of such complexity cannot be quickly rescinded and the entities that benefit from the rule will fight a rear-guard action. But it will just be a delaying action.  

Firms and investors should consider what…

Rule 15c2-11 is intended to prevent broker-dealers from quoting securities without a reasonable basis for the price at which they quote. It had been in existence for 50 years, and had applied only to equity securities. Examining the literal wording of the rule, the prior SEC Chair seized an opportunity to apply it to transactions in debt securities. In a rush to expand the regulation, the SEC did not consider whether there might be very substantial differences between equity markets and debt…