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CAPIS strives to provide informative content to the institutional brokerage community.  View our CAPIS newsletters for the latest industry news. If you have any questions or comments about our newsletters, please contact CAPIS Marketing at (800) 247-6729 or

Tick Size Pilot Program Implementation Plan

Published on September 26, 2016 by CAPIS

The Tick Size Pilot Program will begin on October 3, 2016 with a phased approach implementation.

CAPIS is Ready for the Tick Size Pilot

Published on September 1, 2016 by CAPIS

In May 2015, the Securities & Exchange Commission (SEC) issued an order approving the National Market System (NMS) Plan to implement a Tick Size Pilot Program by the National Securities Exchanges and FINRA. The Pilot program is a data-driven test to evaluate whether or not widening the tick size for securities of smaller capitalization companies would impact trading, liquidity, and market quality of those securities.

MIFID II Announcement Regarding Research Payments

Published on April 7, 2016 by CAPIS

The European Commission released Delegated Acts regarding inducements and the use of research payments. These acts could impact investment managers and other entities that are subject to regulation by the European Commission.

Fed Rate Policy – How to Gauge Market Expectations

Published on September 1, 2015 by CAPIS

After more than seven years of pursuing a nearly zero interest policy, the Fed is increasingly more likely to begin movement toward interest rate normalization through hikes in the Fed Funds target rate. Insight into the market’s expectations of the timing and degree of Fed policy changes is often quite important to its participants.

Letter from the President and CEO

Published on August 26, 2015 by CAPIS

This year, CAPIS celebrates 38 years in business – an accomplishment our founder, Don Potts, had aspirations of attaining when he started the firm in 1977. As we approach nearly four successful decades of helping institutional investors and almost a decade of succession planning, I am proud to announce that we have recently transitioned to a women-owned broker dealer.

FCA's Response to ESMA's Final Proposal Regarding Dealing Commissions

Published on March 19, 2015 by CAPIS

In response to ESMA’s final proposal, the Financial Conduct Authority (FCA) has issued a Feedback Statement to Discussion Paper 14/3 - Discussion on the Use of Dealing Commission Regime. The FSA waited to release their guidelines until ESMA released their final proposed guidance for MiFID II implementation.

2015 SEC Exam Priorities

Published on February 19, 2015 by CAPIS

The SEC's Office of Compliance Inspections and Examinations (OCIE) has announced their exam priorities for 2015.

Update on ESMA MiFID II Dealing Commission Proposal

Published on February 3, 2015 by CAPIS

The European Securities and Markets Authority (ESMA), whose members are the financial markets regulators in each of the 28 European Union member states, released revised technical advice on the implementation of Markets in Financial Instruments Directive (MiFID II). The revised MiFID II rules have retreated from a complete ban on using commissions to pay for research, as was proposed this past summer.

SOC Certification

Published on December 10, 2014 by CAPIS

CAPIS received SOC 1 and SOC 2 certifications without any exceptions.  As an independent firm, CAPIS is not required to undergo a SOC audit. However, because CAPIS views internal control as an integral part of their risk management program, they proactively engaged outside auditors to perform the exam.

FINRA Proposes Rule Changes

Published on October 2, 2014 by CAPIS

At a recent FINRA Board of Governors meeting, a series of proposed rule changes were announced. The Board authorized Regulatory Notices on many regulatory initiatives.

Significant Changes in the European Union

Published on September 17, 2014 by CAPIS

The European Union (EU) has a couple of significant post-trade developments that will impact the financial services industry in Europe – the implementation of TARGET2-Securities (T2S) and the related central securities depositories regulations (CDSRs) which include a T+2 settlement cycle.  

FCA Ruling

Published on June 1, 2014 by CAPIS

In May 2014, Policy Statement (PS) 14/17 was published by the UK’s regulatory body, the Financial Conduct Authority (FCA), formerly known as the FSA, implementing new guidance for the use of dealing commissions (client commissions) to obtain goods and services (research).

High Frequency Trading

Published on April 1, 2014 by CAPIS

Mention the term high frequency trading (HFT) to someone and you are sure to get varying degrees of emotion regarding the trading practice. While high frequency trading has been a topic of discussion for several years, it has recently become a heated topic of discussion since the 60 Minutes segment discussing the new book, “Flash Boys”.

FCA Proposes Changes to Soft Dollars in the UK

Published on December 1, 2013 by CAPIS

The UK’s Financial Conduct Authority (FCA) recently released Consultation Paper 13/17 which proposed new rules and clarifications with regard to the use of client commissions for research.

Market Structure Update

Published on November 1, 2013 by CAPIS

In October 2013, the Security Traders Association (STA) recently held its 80th Annual Market Structure Conference in Washington D.C. This newsletter summarizes topics that were discussed during the conference.

Large Wall Street Firms Exit Transition Management

Published on June 1, 2013 by CAPIS

Much to the surprise of the industry, two large Wall Street firms, JP Morgan and Credit Suisse, abruptly exited the US transition management space.

Heightened Scrutiny of Hedge Fund Fees Expected

Published on April 1, 2013 by CAPIS

A recent Wall Street Journal article reported that the SEC is closely reviewing fees and expenses that hedge funds charge their investors. Specifically looking at travel and entertainment expenditures, the additional scrutiny is related to the SEC’s new “presence exam” which is designed to provide newly registered investment advisers with information and guidance on effective compliance practices.

Considerations for Protecting Soft Dollar Balances

Published on February 1, 2013 by CAPIS

CAPIS recently participated in a discussion with industry executives regarding the topic of protecting research, or soft dollar, balances. Nearly four and half years after Lehman’s demise, the brokerage industry is still looking for ways to protect research credit; however, questions remain as to the legality and feasibility of such protection.

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