The Securities and Exchange Commission 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 Prohibition

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

Source: SEC