Season 1, Episode 3 - Bill Harts

Welcome to 8 Minute Market Structure, where we ask capital markets leaders and visionaries one simple (but very loaded) question: If you were building a new market structure from scratch and could change one thing... What would it be? In our third episode, our host, Texture Capital CEO Richard Johnson, speaks with Bill Harts, board member of ACTIV Financial. Bill was previously managing director and head of strategy for equities for Bank of America and CEO of the Modern Markets Initiative, an advocacy group for electronic trading. Here is a preview of what Bill might focus on with his market structure magic wand: "Institutional investors are increasingly unwilling to display their orders, knowing that they may not interact with this retail order flow, and that leads to fragmentation and other unwanted side effects… I would implement a "simple" change: Require off-exchange market makers to check the price on a non-affiliated market center before trading as principal. In that way, both retail and institutional investors get the best price." 8 Minute Market Structure: One topic, no prep calls, just 8 minutes of Concise, expert insight for better markets. Be sure to subscribe so you never miss an episode, and follow Texture Capital on LinkedIn (https://www.linkedin.com/company/texture-capital/) and Twitter (@texture_capital)! IMPORTANT DISCLOSURE: https://www.texture.capital/risks