Dallas Security Traders Association (DSTA) is putting more efforts to coordinate with retail brokerage firms like Fidelity, Charles Schwab and TD Ameritrade, according to Steve Capurso, President, DSTA.
“These firms have a large and expanding presence in our community. We want to make sure their employees can see the benefits of DSTA as well, both locally, and as a part of the national organization,” he said.
“Thus, we’ve made a concerted effort to communicate about upcoming events and find topics that are relevant to them. This should help extend the reach of the DSTA and hopefully drive growth in our membership,” he told Traders Magazine.
The DSTA was formed in 1955 and is the Texas-based affiliate of the STA with approximately 125 members.
It’s largest annual event – The Texas Traders Convention – is just around the corner, scheduled for September 9-10 at the Four Seasons in Las Colinas.
The DSTA believes that “relationships matter”, Capurso said, adding that it’s been difficult the past year and a half for people in the financial services community to get together in person.
“Our hope is that hosting events like this help our members maintain those personal relationships. This year, we opted to offer more outdoor/social activities and it seems to be paying off. I think we’ve been pleasantly surprised with the results,” he said.
The DSTA’s Texas Traders Convention typically draws 200+ people, according to Capurso.
“Given the current environment, we realize many people are dealing with various travel restrictions. However, we are expecting a solid turnout, especially from our local community. There is definitely some pent-up demand for getting together as a group.”
“The DSTA has planned more outdoor/social activities than we have in the past, both to provide more networking opportunities and make sure people can do so in a comfortable environment. We’re expecting roughly 125-150 folks to attend.”
Earlier this year, the DSTA considered a variety of topics for the panel discussion, Capurso said: “Historically, the DSTA tries to shoot for topics that will spark a spirited discussion.”
He added that right now, digital assets have been receiving a lot of attention.
“Since our event takes place in early September and is in such close proximity to STA’s annual Market Structure Convention (Oct. 6-8), we thought we would coordinate with STA on a topic that would be a springboard for a follow up discussion in D.C. Digital assets checked all the boxes.”
“Amid steady adoption of digital assets, asset managers, broker-dealers and exchanges are all facing the same challenge: adapting processes from traditional asset classes for the new digital paradigm. We will discuss the struggles firms are facing in areas such as market surveillance and trade execution in digital assets,” he explained.
Chris Halverson, DSTA Board Member, Past Chairman of STA said that digital assets are a new asset class and as with anything new, there are “both good and bad actors involved”.
“Cryptocurrencies have been criticized for a variety of reasons such as volatility, potential use for illegal activity, and vulnerabilities in the infrastructure. However, they’ve also earned praise for being resistant to inflation, their portability, and transparency. Industry participants along with our regulators will need to work together to identify a framework that protects underlying investors. It’ll be interesting to see where this goes,” he said.
“As a trade organization, we don’t have a view on the optimal regulatory regime. Our goal is to help educate our members on the issues involved and foster communication between all interested parties. That said, it does appear that the SEC will have a major role in the regulation of digital assets. We are concerned that the costs the SEC incurs will be paid for through Section 31 fees, which are assessed on equity transactions. This is something that requires some attention,” he added.
Capurso said: “The past 18 months have been a trying time for our country. In times like these, we believe it’s important to focus on philanthropy.”
The DSTA recently selected the North Texas Food Bank as a primary beneficiary of its charitable giving efforts. “Between now and year end, we will continue to look for opportunities to help people in our community, particularly those that have suffered from the effects of the pandemic,” he said.
“The timing of the convention is significant as well. As we approach the 20th anniversary of the 9/11 attacks , the DSTA would like to honor those that perished, as well as the survivors and their families that still suffer today,” he said.
“They were our colleagues, family, friends, fathers, mothers, children, and neighbors. Most of all they were Americans, and we will never forget,” he stressed.
