Subject: MiFIDII
From: Jason De Sena Trennert, Chairman, Chief Executive Officer
Affiliation: Strategas Securities LLC

Jan. 23, 2019

Dear Sirs:
I am the Chairman of an independent research firm/broker dealer with about 60 employees in New York, Washington, D.C., and Columbus, Ohio.  Our clients are institutional investors in 44 states and 20 foreign countries.  I feel strongly that the public markets in the United States face existential threats in terms of composition and reputation that will ultimately impede capital formation and harm investors.  The attached piece makes the case that MiFID II may only accelerate these threats.  Vibrant public markets are an important check on the growing power of both the private equity industry and large, entrenched publicly traded broker dealers who have only benefitted from these new regulations.  Safe and sound public markets also give the average American a chance to build wealth that is, slowly but surely, being taken away from them.  Why the United States and its world beating financial services industry would want to replicate European financial markets is beyond comprehension.  
Thank you in advance for reading the attached essay.
Warmest regards,
Jason De Sena Trennert   

Jason DeSena Trennert
Chairman, Chief Executive Officer
Strategas Securities LLC
52 Vanderbilt Ave, 8th floor
New York, NY 10017
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