--- title: "Outlook 2016: Michael Friedman, Trillium" description: Forthcoming SEC rules for order-routing disclosures for institutional customers will keep firms busy in 2016, according to Trillium executives. --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/outlook-2016-michael-tk-trillium#popup-newsletter) #### Want the latest news on securities markets -- FREE? Sign up to receive exclusive articles on topics including: - Equity market structure - Profiles of buy-side investment firms - The evolution of multi-asset-class trading - Regulation and its implications for markets - The search for liquidity in fixed income markets - The convergence of fintech and capital markets Select one or more newsletters you would like to receive: menu [![Markerts media](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/header%20logo.svg "Markerts media")](https://articles.marketsmedia.com/) - [Institution](https://articles.marketsmedia.com/tag/institution) - Institution - Outlook 2016: Michael Friedman, Trillium Search - [Home](https://articles.marketsmedia.com/) - [Trending](https://articles.marketsmedia.com/tag/trending) - [Featured](https://articles.marketsmedia.com/tag/daily-email-feature) - [Sectors](https://articles.marketsmedia.com/tag/sectors) - [From The Markets](https://articles.marketsmedia.com/tag/from-the-markets) - [AWARDS](https://articles.marketsmedia.com/tag/events) - [Newsletter](https://awards.marketsmedia.com/newsletter-sign-up) - [Newsletter](https://articles.marketsmedia.com/outlook-2016-michael-tk-trillium#popup-newsletter) Hide search Search - NewsLetter ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/trading-up-occ-iex-select-board-members-citadel-lands-lieblich-573x379-Jul-07-2022-09-34-11-57-AM.jpg) [ON THE MOVE: Citi Hires Artie Ambrose;...](https://articles.marketsmedia.com/on-the-move-citi-hires-artie-ambrose-natalie-a-brown-to-mesirow) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_445735906_L.jpg) [Trading Adapts to ESG and Sustainable...](https://articles.marketsmedia.com/trading-adapts-to-esg-and-sustainable-investing) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-917493152-Jul-07-2022-09-34-19-09-AM.jpg) [Focus on FX Execution Connectivity](https://articles.marketsmedia.com/focus-on-fx-execution-connectivity) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_333839538_L.jpg) [TRACE Turns 20](https://articles.marketsmedia.com/trace-turns-20) 12.23.2015 By Rob Daly Institution # Outlook 2016: Michael Friedman, Trillium 12.23.2015 By Rob Daly [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/outlook-2016-michael-tk-trillium) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/outlook-2016-michael-tk-trillium) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/outlook-2016-michael-tk-trillium) *Michael Friedman is General Counsel & Chief Compliance Officer at Trillium.* **What were the major themes of your business in 2015?** ![Michael Friedman, Trillium](https://static.hsstatic.net/BlogImporterAssetsUI/ex/missing-image.png) Michael Friedman, Trillium This year was the year that banks finally gave up on the idea that a single platform could handle all of their compliance needs. As former SEC Commissioner Daniel Gallagher made clear in [his "crazy quilt" chart](http://www.sec.gov/news/statement/crazy-quilt-chart-of-regulation.html), there's just too much ground to cover. The only answer is to pick the best tool for each job, and if that means a few more different vendors, so be it. This change meant more opportunities for smaller more agile firms like ours. **What are your expectations for 2016?** I'm keeping an eye on the forthcoming new SEC rules for order-routing disclosures for institutional customers. The buy side has been asking for more data from the sell side, and in 2016 they will finally get it. We are planning some new offerings to help the buy side make sense of that new data when it arrives. [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/outlook-2016-michael-tk-trillium) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/outlook-2016-michael-tk-trillium) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/outlook-2016-michael-tk-trillium) ![email](https://articles.marketsmedia.com/hubfs/Markets%20Media/email.svg) ### NEWSLETTER SIGN UP And receive exclusive articles on securities markets ### Related articles 1. 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