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Say It Ain't So: Joe Saluzzi on Broken Market Structure
How to submit a public comment to the SEC: https://www.sec.gov/rules-regulations/how-submit-comment
Danny interviews Joe Saluzzi, partner and co-founder of Themis Trading, about worsening U.S. market structure since 2023 and recent SEC and congressional actions. Saluzzi explains Themis’s conflict-free agency model focused on best execution and minimizing information leakage, noting continued HFT activity and his preference for IEX for discretion. They discuss how retail trading now exceeds 25% of volume, how most retail orders are internalized via payment for order flow, and how data feeds…
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