Mr. Donohue brings almost 25 years of experience from the Securities and Exchange Commission (SEC), where he most recently served as a Senior Policy Advisor in the SEC’s Division of Trading and Markets’ Office of Analytics and Research and previously served as an Assistant Director in the Office of Market Oversight within what is now known as the Division of Examinations.

Mr. Donohue’s expertise includes equity and options compliance and market structure policy. He advised the SEC, Self-Regulatory Organizations (SROs), and industry participants on, among other things: i) market transparency, such as trade reporting, market data, vendor display, regulatory reporting, ATS filings, and execution quality reports; ii) market controls, such as market-wide circuit breakers, single stock volatility controls, trade busts, systems compliance and integrity, 24-hour trading, and market access; and iii) market quality, such as exchange trading and listing rules, IPO operations, low-priced stock volatility, manipulation, order routing and internalization, fractional share trading, national market systems, and SRO regulation.

At the SEC, Mr. Donohue played a lead role in monitoring the markets. His efforts included the development of monitoring tools, responding in real-time to market events through industry outreach and data analysis, and drafting event reports and briefings. He analyzed most major market events over the last 20 years, including the 2010 “Flash Crash,” the Facebook IPO malfunction, the 2020 market-wide circuit breakers, numerous market outages, and meme-stock volatility.

With the benefit of his market-monitoring experience, Mr. Donohue helped develop, implement, and oversee the Consolidated Audit Trail (CAT). He left the SEC as its foremost expert on CAT operations, interpretations, compliance and regulatory use.

Mr. Donohue led SEC examinations of Financial Industry Regulatory Authority, equity and options exchanges, broker-dealers and alternative trading systems, investment advisers and investment companies, and rating agencies. His examination topics included mutual fund revenue sharing, trading systems compliance, best execution, SRO surveillance systems, governance, and exchange operations. Throughout his tenure at the SEC, Mr. Donohue also advised on numerous enforcement investigations.

He received his J.D. from the University of Baltimore, where he served as the Editor-in-Chief to the Law Review, and his B.B.A. in marketing from Loyola University, Maryland.