The Managed Futures Association issued a number of equity market structure policy recommendations last week. Among other things, MFA recommended that the Financial Industry Regulatory Authority provide more specific guidance on pre-trade risk controls to enhance transparency and mitigate concerns with respect to discrepancies in latency. MFA also urged the Securities and Exchange Commission to direct exchanges to develop a standardized mandatory kill switch protocol. Although MFA supported steps taken to date to enhance market transparency by FINRA and certain alternative trading systems (so-called “dark pools”), it urged FINRA to expand its ATS “transparency initiative” by including weekly volume and trade information on a stock-by-stock basis for equities traded over-the-counter by each FINRA member. MFA also recommended that the SEC require each ATS to make available on its website how it operates and how orders interact on the ATS, and each broker-dealer to disclose in greater detail its order routing and execution practices.