Discussing Experts Selected for Consultation on Forbidding Trading before Orders are Fulfilled Roundtable Hosted by SEC

SEC to Host Roundtable Discussion on Trade-Through Prohibitions

The Securities and Exchange Commission (SEC) has announced that it will be holding a roundtable discussion on trade-through prohibitions on September 18, 2025. The event will take place at the SEC's headquarters in Washington, D.C. (100 F Street, N.E.) and will be open to the public, with both in-person and webcast attendance options.

Agenda and Panels

The roundtable will consist of three panels, each focusing on a different aspect of trade-through prohibitions.

Panel One will delve into market participants' experiences with trade-through prohibitions over the past 20 years. This panel will be moderated by Michael Piwowar and Jamie Selway, with panelists including Julie Andress, Ari Burstein, Peter Haynes, Chris Isaacson, Katie Kolchin, Dave Lauer, Joe Mecane, Maureen O'Hara, Pankil Patel, Chris Solgan, Kevin Kennedy from Nasdaq, and Armando Diaz from PureStream.

Panel Two will explore the role of trade-through prohibitions in today's highly automated and connected market structure. The moderators for this panel are yet to be announced. However, it will feature panelists such as Chris Nagy from Healthy Markets Association, Hubert De Jesus from BlackRock, Jonathan Kellner from MEMX, Matt MacKenzie from Optiver, Jeff Starr from Schwab, Allison Bishop from Proof Trading, and Jim Angel from Georgetown University.

Panel Three will discuss potential paths forward for trade-through prohibitions, including maintaining the status quo, exemptions, modifications, or rescinding trade-through prohibitions. The moderators for this panel are Elad Roisman from Cravath, Swaine & Moore and Jamie Selway, Director, SEC's Division of Trading and Markets. The panelists will include Joe Saluzzi from Themis Trading, Robert Battalio from University of Notre Dame, Jon Herrick from the New York Stock Exchange, Andrew Smith from Virtu Financial, Debbie Toennies from J.P.Morgan, Cameron Smith from Texas Stock Exchange, Matt Billings from Robinhood, Daniel Gerhardstein from Jump Trading Group, Bob Colby from FINRA, and Mehmet Kinak from T. Rowe Price.

Practical Information

Doors will open at 8:00 a.m. ET for in-person attendance. Registration is required for those planning to attend in person. A link to register will be available on September 18 at www.sec.gov. The roundtable will run from 9:15 a.m. - 4:15 p.m. ET, with a break from 2:30 p.m. to 2:45 p.m. Visitors will be subject to security checks.

A recording of the event will be available online at a later date, and a link to the webcast will be available on the same website.

It's important to note that as of now, there are no publicly available details about the names of panel moderators or participants of the Securities and Exchange Commission's roundtable event concerning the lifting of trading bans.

For those unable to attend in person or watch the live webcast, a recording of the event will be made available online at a later date.

Discussing Experts Selected for Consultation on Forbidding Trading before Orders are Fulfilled Roundtable Hosted by SEC