Joel Steinmetz has 27 years of experience in electronic trading and trading technology across a wide range of businesses and asset classes. Joel has built businesses, launched products and delivered solutions with tangible value for trading algorithms, risk management, compliance and reporting, investment analysis, event analytics, and low latency connectivity by combining innovative thinking, strategic planning, business development, trading technology development, and customer relations.
Prior to joining UAT, Joel served as Managing Director/COO for Fluent Trade Technologies; Managing Director, Head of Equities for Citadel Securities; Head of US Sales and Trading for Liquidnet Holdings; Managing Director, Head of Execution Services at Citigroup; and Senior Vice President, Head of US Business Strategy and Global Product Strategy and Product Innovation at Instinet Corporation. Joel attended Queens College and New York Law School. He holds FINRA Series 7, 24, 63 and 99 licenses.
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MiFID II requirements do not align with US practices governing the exchange of commissions for execution and research. But a token-based research platform enables a solution that simultaneously complies with regulatory regimes on both sides of the Atlantic, enhances the user experience and generates a network effect that increases the size of the research market in the US.
There is an opportunity to leverage innovative technology and new payment and consumption methods to satisfy the requirements and enable the desirable benefits of both MiFID II research unbundling and Section 28(e) of the US Securities Act of 1934. UAT’s Joel Steinmetz and Allan Chiulli examine the structure and operations of a token, smart contract and blockchain-based platform for U.S. equity research that incorporates Section 28(e) practices in a post-MiFID II environment.
MiFID II requirements do not align with U.S. practices governing the exchange of commissions for execution and research, as permitted by Section 28(e) of the Securities Act of 1934. But there is an opportunity to optimize operations and the benefits from both MiFID II and Section 28(e) using a token, smart contract and blockchain-based research platform that, in turn, satisfies the requirements and enables the desirable benefits of both regulatory regimes.