The Future of Market Structure

The 2020 Milken Institute Global Conference brings together financial leaders and regulators to evaluate the resilience of global market structures amidst the COVID-19 pandemic. Central to the discussion is the interplay between technology, regulation, and market flexibility during periods of extreme economic disruption. Annette Nazareth, a former SEC Commissioner, observes that U.S. market infrastructure has remained remarkably robust, dismissing early calls to close markets by emphasizing that functional liquidity is vital for a developed economy. A notable trend identified is the surge of new, younger retail investors entering the market through online brokerage platforms despite the volatile environment. Rick McVey, Chairman and CEO of MarketAxess, provides an innovator's perspective on how fixed income markets have adapted to provide liquidity. The dialogue underscores that while the pandemic necessitated a shift to virtual operations, the underlying market mechanisms have maintained public confidence through high performance and adaptability.