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ATSs and Off-Exchange Trading - 
Opportunities and Challenges

A TabbFORUM Symposium

February 24, 2025

New York City

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Rich Steiner

Head of Market Structure & Electronic Trading Strategy,

Piper Sandler

Rich Steiner leads Piper Sandler’s efforts to foster an open exchange of ideas on equity market developments with regulators and policymakers. He actively engages with clients to develop a truly unique offering and promotes the firm’s thought leadership by educating and informing them on timely and relevant topics. Rich also leads Piper Sandler’s equity market structure advocacy efforts, focusing on more efficient, more transparent, less-conflicted markets. In addition, his role leading our electronic trading strategy is focused on optimizing our trading platform and incorporating micro market structure nuances to maximize performance. 

 

Rich has a thorough understanding of equity market structure and the regulatory environment. He has led policy discussions with asset managers, regulators, and legislators in Washington, DC. Rich has regularly advocated for more transparent and efficient markets for all industry participants and is also recognized for his contributions on industry committees including SIFMA, Security Trader’s Association, and the National Organization of Investment Professionals (NOIP). 

 

Rich currently serves on a number of industry groups, including the SIFMA Equity Markets & Trading Committee and is a board member of NOIP. Prior to joining Piper Sandler, Rich held electronic and program trading positions at RBC Capital Markets, BNP Paribas, ITG and Goldman Sachs.

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