STA provides a post mortem on the Tick Size Pilot.
Institutional money dominates ICOs.
Regulatory initiative eyes exchange operations.
Smart contracts can keep security tokens out of the hands of non-accredited investors.
The new market comes with a new market structure.
The new platform initially will eye institutional forwards trading.
High net-worth and family offices trade more than hedge funds.
The investment manager has reduced execution costs by 64%.
State oversight remains a cacophony of regulations.