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Equity Market Structure 2019: Looking Back and Moving Forward

Chairman Clayton

Thank you, Dean Rapaccioli, for your kind introduction and for the invitation to Director Redfearn and me to speak about equity market structure.[1]

I’m delighted that my good friend Craig Phillips was able to take time to be here and lay the groundwork for our speech. Groundwork is the right word; and it extends well beyond today. Secretary Mnuchin, Craig and Craig’s team, with their four “core principles” reports on the state of our financial markets and suggested reforms,[2] produced the most thoughtful, citizen-focused pieces of work I’ve seen in the financial sector. The reports thoroughly

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