TRPA's only interest is ensuring a fair and efficient marketplace within which TRPA's obligations to its clients can be satisfied. TRPA has always taken a keen interest in market structure issues and how such issues may impact its ability to provide the highest level of service to its clients. With this interest in mind, TRPA is supportive of efforts to facilitate order interaction and create unified trading platforms. Although TRPA believes SuperMontage furthers these goals, TRPA has some serious concerns with the proposal as currently drafted. TRPA has long believed that competition and the creation of new trading technologies act to benefit the markets.
Innovation promotes healthy and vibrant market opportunities.
However, a negative byproduct of the addition of new trading venues has been the increase in market fragmentation. This new environment, with multiple and diverse trading platforms, has made it increasingly difficult to satisfy the obligation of best execution. TRPA believes it is imperative to encourage the creation of unified markets where orders are able to interact in centralized locations. These structural enhancements will act to increase transparency and execution quality. TRPA believes that the SuperMontage concept furthers the goals of unifying the markets and providing a means for orders to interact with one another, while allowing for continuing innovation.