2012 Awards for Excellence

Citation

(2013), "2012 Awards for Excellence", Journal of Investment Compliance, Vol. 14 No. 1. https://doi.org/10.1108/joic.2013.31314aaa.002

2012 Awards for Excellence

Article Type:2012 Awards for Excellence From:Journal of Investment Compliance, Volume 14, Issue 1

The following article was selected for this year's Outstanding Paper Award for Journal of Investment Compliance

``Competitive forces and cost-based analysis in SEC review of SRO market data fee filings: NetCoalition v. Securities and Exchange Commission''

Edward J. FerraroAttorney, in private practice, New York, New York, USA

Purpose -- This paper aims to analyze and discuss the implications of the August 2010 decision of the D.C. Circuit Court of Appeals vacating and remanding to the SEC its December 2008 order approving a proposed fee filed by NYSE Arca, LLC for its depth-of-book product ArcaBook. It also seeks to consider the effect on the court's decision of the Dodd-Frank Act amendments to Section 19(b) of the Exchange Act.Design/methodology/approach -- The paper analyzes the evolution of the SEC's policy regarding SRO market data fees including the 1999 Concept Release on Market Information, the Advisory Committee on Market Information, the effects of decimalization and the 2005 adoption of Regulation NMS. It focuses on market data fee policy in connection with the Commission's decade-long project to increase the role of competition in the US securities markets, culminating in the 2006 NYSE Arca fee filing, the SEC's 2008 order approving those fees and the NetCoalition decision.Findings -- The court's decision that a cost analysis is not irrelevant to the SEC's review of proposed SRO fee filings brings clarity and finality to a long-standing dispute within the Commission and the securities industry and identifies a procedure for reaching an economically sound determination of ``fair and reasonable'' fees for SRO market data.Practical implications -- A cost-based analysis of SRO market data fee filings is likely to result in a significant decline in market data revenues for those exchanges that charge fees for their data. For the Commission, cost-based analysis is likely to require a significant reallocation of its regulatory staff and resources.Originality/value -- The paper presents a useful analysis for securities regulatory lawyers and financial analysts and investors following the stock exchange and financial information industries.Keywords Circuits, Coalitions, Information, Market positionwww.emeraldinsight.com/10.1108/15285811111122010This article originally appeared in Volume 12 Number 1, 2011, pp. 5-29, Journal of Investment ComplianceThe following articles were selected for this year's Highly Commended Award

``Corporate ownership interests hidden through cash-settled equity derivatives: impact on the companies' governance under the Italian legal framework''

Gabriella OpromollaThis article originally appeared in Volume 12 Number 1, 2011, Journal of Investment Compliance

``Private placement variable life insurance and annuities invested in hedge funds: due diligence issues for all parties to the transaction''

Roger LorenceSteven Q. ZhangThis article originally appeared in Volume 12 Number 3, 2011, Journal of Investment Compliance

``FINRA's concept proposal on fixed-income research reports''

Russell D. SacksMichael J. BlankenshipThis article originally appeared in Volume 12 Number 3, 2011, Journal of Investment Compliance