Jim Toes is President & CEO of Security Traders Association (STA).
What was the highlight of 2023?
2023 was the clearest indication yet that we have moved into a post-pandemic environment. In-person events are fully back – our 20+ regional affiliates in the US and Canada held a record number of events focused on industry content, philanthropy and networking, with many STA members traveling from across the country to attend. In addition, some of our most established affiliates celebrated key milestones – ITAP (our Philadelphia affiliate) had its 100th anniversary, while STA Chicago’s upcoming Mid-Winter Meeting will be its 98th annual. Finally, at the national level, we saw a record number of attendees and sponsors at our annual Market Structure Conference in Washington DC.
What surprised you in 2023?
Two of the major surprises of 2023 came from the crypto world. First, despite significant rulings and concerted advocacy throughout the digital asset space, no Bitcoin ETF filings were approved by the SEC. While it appears that the commission will be more active on this front in 2024, we expected there to have been more movement by this point. Similarly, despite rumblings throughout the year, no stablecoin legislation was passed in Congress. Time will tell if leadership changes in the House will change that narrative in 2024.
What are your expectations for 2024?
In the first half of 2024, we expect the industry to heavily focus on SEC Chair Gary Gensler’s ambitious regulatory agenda and the adjustments it will require – from equity market structure reforms to use of predictive data analytics and beyond, the commission has sparked many complex conversations both within firms and throughout the industry. As the year goes on, we expect attention to shift to the November elections, particularly the presidential election. Once decided, our members will have a much clearer idea of what the next few years will look like from a regulatory standpoint.
