Say It Ain't So: Joe Saluzzi on Broken Market Structure

Say It Ain't So: Joe Saluzzi on Broken Market Structure

From On The Tape with Danny Moses by RiskReversal Media

July 1, 2026 · 30 min · Episode 61

About this episode

Danny interviews Joe Saluzzi about the deteriorating U.S. market structure and the implications of recent SEC actions.

How to submit a public comment to the SEC: https://www.sec.gov/rules-regulations/how-submit-comment Danny interviews Joe Saluzzi, partner and co-founder of Themis Trading, about worsening U.S. market structure since 2023 and recent SEC and congressional actions. Saluzzi explains Themis’s conflict-free agency model focused on best execution and minimizing information leakage, noting continued HFT activity and his preference for IEX for discretion. They discuss how retail trading now exceeds 25% of volume, how most retail orders are internalized via payment for order flow, and how data feeds can flag retail orders. Saluzzi argues the Consolidated Audit Trail, created after the 2010 flash crash to detect manipulation and insider trading, has been intentionally delayed and is being stripped of useful information. He warns proposed changes to Rule 611 (order protection/NBBO) could enable tokenization venues and weaken protections, while delays to Rule 610 access-fee reductions preserve incentives tied to rebates and PFOF. He urges investors to file SEC comment letters and press brokers on best execution. -- ABOUT THE SHOW For decades, Danny has seen it all on Wall Street and has built…

People in this episode

Host: Danny Moses

Guest: Joe Saluzzi

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Keywords

Mentioned in this episode

Organizations: Themis Trading, SEC, IEX, Consolidated Audit Trail, Rule 611, Rule 610

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