Jim Toes is President & CEO of Security Traders Association.

What was the highlight of 2022?

One highlight of 2022 was the strength of in-person events across all STA affiliates – they gave us a renewed sense of the importance of human contact. In 2020 and most of 2021, our industry recognized the efficiencies of performing certain functions remotely. Zoom calls were highly effective when travel was restricted. However, over time we all came to realize that in many cases, virtual meetings are inferior to in-person gatherings. As the year winds down, I think our industry has developed a healthy balance and a greater understanding of what can be achieved virtually and what requires an in-person meeting.

What surprised you in 2022?

While there was much discussion heading into 2022 about the SEC’s ambitious agenda, I was – and continue to be – surprised by the breadth and depth of Chair Gensler’s rulemaking. Commission staff and the industry at large will be dealing with many of these complicated rules and potential implementations long after the conclusion of Chair Gensler’s term.

What are your expectations for 2023?

You don’t need to be Nostradamus to predict that there will be robust debate on equity market structure issues in light of the actions by the SEC earlier this month. I do expect that we will see some revisions to the Reg NMS proposals on tick sizes, access fees and quote display following the comment period – and that would be a good thing.

Who will be the most important/influential people in your industry in 2023?

2023 will bring several new voices to the fore. The SEC’s newest Commissioners, Mark Uyeda and Jaime Lizarraga, will play an influential role in 2023. In addition, Rep. Patrick McHenry, who will chair the House Financial Services Committee (HFSC), and the congressional members he chooses as subcommittee chairs will have a significant impact. The HFSC has several members who are well-informed on key issues our industry is facing, including Rep. Ann Wagner, Rep. Bill Huizenga and Rep. Blaine Luetkemeyer. All will contribute to the important conversations that we’ll be having 2023.