Statement Summary
The Securities and Exchange Commission (SEC) will hold a roundtable on September 18, 2025, at its Washington, D.C. headquarters, focusing on trade-through prohibitions. The event will run from 9:15 a.m. to 4:15 p.m. ET, featuring opening remarks by SEC Commissioners and a detailed exploration of trade-through prohibitions over the past two decades. Key discussions will include the impact on market participants, costs of compliance, and comparisons between equity and options markets.
Event Details
The agenda features three panels:
- Participants’ experiences
- The prohibition’s role in current market structures
- Potential future paths for these regulations
The roundtable will be accessible to the public via live webcast and a recording will be available post-event. Registration is required for in-person attendance. Full details can be found on the SEC’s event page.
Original Statement
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 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
This panel 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
- The effects on retail and institutional trading
- The cost of compliance for different market participants
- Differences in experiences in equity vs. options markets
- Experiences in markets without a trade-through prohibition
Moderators: Michael Piwowar, Milken Institute and Jamie Selway, Director, SEC’s Division of Trading and Markets
- 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
This panel will focus on the role of trade-through prohibitions in today’s highly automated and connected market structure. Areas for discussion will include:- Necessity and objectives of trade-through prohibitions
- Intersection with best execution obligations
- Ancillary rules supporting trade-through prohibitions
- Complexity created by trade-through prohibitions
Moderators: Andre Owens, WilmerHale and Jamie Selway, Director, SEC’s Division of Trading and Markets
- 2:30 p.m. – Break
- 2:45 p.m. – Panel Three – Forward Thinking
This panel will focus on potential paths forward for trade-through prohibitions. Areas for discussion will include:- Maintaining the status quo
- Exemptions or modifications to trade-through prohibitions
- Rescinding trade-through prohibitions
- Necessary changes if prohibitions are limited or rescinded
Moderators: Elad Roisman, Cravath, Swaine & Moore and Jamie Selway, Director, SEC’s Division of Trading and Markets
- 4:15 p.m. – End of Program
