A former Securities and Exchange Commission attorney was hired to run the Healthy Markets Association, which wants to give investors a greater voice in the debate over reforming U.S. financial markets.
As the group’s first executive director, Tyler Gellasch will run daily operations and set strategy, according to a statement from Healthy Markets.
The organization was founded by Dave Lauer and Chris Nagy, who also run Kor Group LLC, a trading-analytics company that has pushed for more transparency in financial markets. Healthy Markets wants the SEC to force brokers to disclose more about how they handle clients’ orders. Other goals include examining brokers’ conflicts of interest and creating a research institute to analyze industry data on trading.
“Our goal is to arm institutional investors with unique data and analysis, as well as a public voice, in the hyper-technical world of market microstructure,” Gellasch, 37, said in an e-mail.
His resume includes stints as counsel to SEC Commissioner Kara Stein and former U.S. Senator Carl Levin, both of whom are Democrats, and involvement in crafting the Dodd-Frank Act that increased regulation of Wall Street. He left the SEC last year.
Before joining Stein’s staff in 2013, Gellasch spent four years working for Levin. As an aide to Levin, Gellasch helped write parts of the Dodd-Frank Act, including provisions that later became the Volcker Rule, which bans federally insured banks from making risky trades.