Jamie Selway, a veteran market structure expert with decades of experience in financial markets, has been selected to lead the Securities and Exchange Commission’s Division of Trading and Markets.
This key division oversees the regulation of major securities market participants, including broker-dealers, stock exchanges, and clearing agencies, ensuring fair and efficient markets.
Selway’s appointment comes at a pivotal time as markets evolve with technological advancements and regulatory challenges.
A Career Steeped in Market Structure Expertise
Selway’s career spans significant roles that highlight his profound understanding of market dynamics. From 1995 to 1998, he worked in Nasdaq’s economics department, laying the foundation for his expertise in applied market structure.
He co-founded White Cap Trading LLC in 2003, serving as managing director and chairman until 2010, when the firm’s partners transitioned to Investment Technology Group (ITG).
At ITG, where he served as managing director and head of electronic brokerage and sales from 2010 to 2018, Selway drove innovations like globalizing the POSIT crossing network and revitalizing trading algorithms.
His leadership contributed to ITG’s European operations generating $96 million in revenue in the first nine months of 2014, a $30 million increase from the previous year.
Currently, as a partner at Sophron Advisors, Selway advises on emerging financial technologies and capital formation, bringing a forward-thinking perspective to his new SEC role.
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Navigating Complex Regulatory Responsibilities
Established in 1934, the SEC's Division of Trading and Markets is responsible for maintaining orderly and efficient markets. It oversees approximately 24 national securities exchanges, 100 alternative trading systems, 3,500 broker-dealers, 48 security-based swap dealers, 7 registered clearing agencies, and 300 transfer agents.
The division processes around 2,000 filings annually from self-regulatory organizations like FINRA and the Municipal Securities Rulemaking Board.
It also supervises the Securities Investor Protection Corporation, which protects customer assets in the event of brokerage failures, and monitors market activities to ensure compliance with securities laws.
Selway’s extensive experience positions him to address challenges like high-frequency trading and the integration of digital assets into traditional markets.
Did You Know?
The SEC’s Division of Trading and Markets was instrumental in implementing Regulation NMS in 2005, which modernized and standardized trading rules across U.S. securities markets, enhancing competition and transparency.
A Voice of Authority in Financial Markets
Selway’s reputation as a leading interpreter of complex market issues is well-established. He has testified before the U.S. House of Representatives and the SEC, offering insights on electronic trading and market structure.
His past roles include chief economist at Archipelago, a precursor to modern electronic exchanges, and positions at Goldman Sachs, FINRA, and cryptocurrency firm Blockchain.
Industry observers note that Selway’s ability to translate dense regulatory and market concepts into actionable strategies will be critical as the SEC navigates emerging issues like decentralized finance and market volatility. His appointment signals a focus on balancing innovation with robust oversight.
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