This publication explores quite a few regulatory, felony, and aggressive pressures that the U.S. securities is dealing with a result of excessive regulatory scrutiny of the trendy digital industry and the heated public debate stirred by means of Flash Boys through Michael Lewis. This choice of formerly released and unpublished fabrics comprises the next articles and white papers:

1. 20 Predictions for the way forward for the industry constitution obstacle - presents an outline of the present marketplace constitution difficulty and gives forecasts for regulatory, criminal, and advertisement developments
2. Deconstructing Maker-Taker - analyzes the character and implications of the maker-taker pricing version and discusses its position within the present industry structure
3. Reigniting the Order style Debate - studies contemporary order type-related rule submissions through securities trade and discusses the character of "undocumented" order kind gains and order matching engine practices
4. the matter of Fragmentation and power options - provides numerous matters relating to the "dispersed" buying and selling method, analyzes diverse order move allocation mechanisms, corresponding to maker-taker and cost for order stream preparations, and reports strength regulatory solutions
5. HFT legislation and industry constitution Reform - discusses the emergence of HFT legislation, together with numerous proposals touching on restraints on digital buying and selling, methods to slowing down or routinely restraining the buying and selling procedure, and the removal of sure shortcuts embedded within the present marketplace structure
6. Leveling the enjoying box: Lit and darkish buying and selling Venues - reports fresh enforcement activities directed at buying and selling venues, analyzes the doctrine of regulatory immunity, and addresses quite a few different matters appropriate for buying and selling venues
7. retaining shoppers and attaining top Execution: matters for Retail and Institutional agents - analyzes numerous issues proper for retail and institutional agents, together with the evolving accountability of most sensible execution and its extension to different events, maker-taker and check for order stream preparations, and distinctive order types
8. Litigation and the influence of Enforcement: The industry constitution viewpoint - offers as evaluation of the litigation panorama for industry structure-related concerns, together with inner most court cases directed at significant buying and selling venues and brokerage businesses, and discusses the importance of enforcement actions
9. Public remark Letter on numerous Order Type-Related variations Proposed by means of the recent York inventory alternate - deals a critique of the proposed functionalities and discusses the phenomenon of post-only intermarket sweep orders
10. The Flash Boys Lawsuit: the tip of the start? - discusses the trail of town of windfall v. BATS type motion lawsuit, which has been known as the "Flash Boys Lawsuit," and analyzes the customers of non-public complaints out there constitution space

Appendix A - precis of Key Enforcement activities and Lawsuits
Appendix B - chosen industry Structure-Related References