In Justice Yates’ judgement in the Whitebox matter, there are several clarifications of key legal concepts in securities law, including clarifications about the meaning of the terms “likely”, “market”, “transactions” and “acts” for the purposes of...

Mike Aitken and Kumar Venkataraman compare the microstructure of the equity and fixed-income markets, and explain the consequences of the lack of transparency in fixed-income markets before pointing to solutions in order to improve the fairness of fixed-income markets.

The analysis offers perspectives on how brokers handle the tension between the incentives to route to their ATS and their obligations to provide best execution to their clients, shedding light on the relation between venue ownership, broker routing and execution outcomes.