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Securities Regulation

The Highs–and Lows–of High-Frequency Trading - Podcast

Corporations, Securities & Antitrust Practice Group Podcast
Brian Mannix, Joanne Medero August 05, 2014

While other fields of law are trying to anticipate the future ramifications of the widespread use of drones, robots, and self-driving vehicles, financial markets have already confronted the fact that – for about five years now – automated trading programs have made the majority of all trades in equities and commodities. Automation has substantially reduced the cost of trading, but it has also had profound effects on the structure of financial markets, and has raised questions about its facilitation of allegedly abusive practices. A 2013 documentary, “Ghost Exchange,” and a 2014 best-selling book, Michael Lewis’s Flash Boys, focused public attention on the effects of high-frequency trading (HFT) on market integrity and stability, and helped precipitate a series of aggressive enforcement investigations as well as rulemaking initiatives at financial regulatory agencies in the U.S. and abroad. Our experts reviewed the state of the debate over HFT, and possible paths forward.

  • Brian Mannix, President, Buckland Mill Associates
  • Joanne Medero, Managing Director, BlackRock Inc.

A Conversation with SEC Commissioners Daniel Gallagher and Paul Atkins - Podcast

Financial Services & E-Commerce Practice Group Podcast
Daniel M. Gallagher, Paul S. Atkins June 24, 2014

market

Securities and Exchange Commissioner Daniel Gallagher and former Commissioner Paul Atkins joined us on a Teleforum conference call for a conversation on Dodd-Frank's impact on United States capital markets.

  • Hon. Daniel M. Gallagher, Commissioner, Securities and Exchange Commission
  • Hon. Paul S. Atkins, CEO, Patomak Global Partners LLC, and former Commissioner, Securities and Exchange Commission

Halliburton v. Erica P. John Fund

Short Video featuring Steven Bradbury
Steven G. Bradbury June 24, 2014

On June 23, 2014 Supreme Court released its opinion in Halliburton Co. v. Erica P. John Fund, Inc.  At issue in the case was whether the Court should rethink its approach to securities class actions established in Basic Inc. v. Levinson, and, if so, what the new standard should be.  

The Court held in a 6-3 decision that the standard in Basic still holds, but clarified that Defendants may introduce evidence of no price impact prior to class certification, to rebut the presumption of reliance permitted under Basic.   Chief Justice Roberts delivered the opinion of the Court, in which Kennedy, Ginsburg, Breyer, Sotomayor and Kagan joined. Justices Ginsburg filed a concurring opinion which Justices Breyer and Sotomayor joined. 

In an opinion concurring in the judgment, Justice Thomas, joined by Justices Scalia and Alito, argued that Basic should be overturned.

Watch Steven Bradbury, Partner in the Washington, DC office of Dechert LLP, discuss the decision.