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Jack Miller, head of trading at Baird, expects innovation to continue in US equity markets after new exchanges launched this year, new order types were approved and the US Securities and Exchange Commission adopted plans to modernize the market data infrastructure.
In September three exchanges launched in the US – Members Exchange (MEMX), MIAX Pearl Equities and Long Term Stock Exchange (LTSE) – taking the total to 16.
Jack Miller, Baird
Miller told Markets Media that it was impressive that the exchanges managed to launch during the pandemic and following the extreme volatility in March.
“They have had a muted impact with an aggregate volume of less that 1% of total average daily volume,” he added. “However, I am encouraged by the progress so far.”