SMU Assistant Professor of Finance Sun Jian noted that the topic of retail investor welfare influences his research projects, including a recent paper examining the new proposal by the US Securities and Exchange Commission (SEC) to resolve US retail trades by auction, rather than the current broker routing structure. A study he co-authored, Would Order-by-Order Auctions Be Competitive?, highlighted key trade-offs in the order-by-order auction mechanism and challenged the intuition behind it. He also hopes that this work can help shape public policy, such as Singapore’s plans to boost its stock market.
