Healthy Markets Association

What Healthy Markets Association does

Healthy Markets Association is a 501(c)(6) not-for-profit membership organization dedicated to capital markets policy education and advocacy, with its operating focus in the United States. It serves institutional investors, including US and Canadian public pension plans and asset managers, by conducting research and publishing analysis on equity market structure topics such as alternative trading systems (ATS), order routing practices, dark pools, and market data. The organization positions itself as an organized stakeholder in rulemaking, translating technical market structure issues into policy commentary for its member base and broader market participants.

The organization's core outputs consist of the paid Market Structure Intelligence (MSI) publication and a series of free public reports covering discrete market structure themes. Revenue mechanics are limited to membership dues from institutional members and sales of the MSI publication; the organization does not publicly disclose revenue or membership counts. There is no commercial software or technology platform underlying the offerings; the product is fundamentally research and policy content produced by a small professional staff.

The organization is led by Tyler Gellasch as President & CEO, a former SEC official, alongside co-founder Chris Nagy. Its governing board draws from major institutional investors and academia, including representatives from PSP Investments, CALPERS, and Duke University School of Law, providing both governance oversight and member signals of institutional buy-in. The combination of nonprofit structure, policy-focused mission, and institutional member base means the entity functions more as a trade association than a commercial enterprise, with growth measured in policy influence rather than top-line scaling.

Name

Healthy Markets Association

Legal name

Healthy Markets Association

Website

https://healthymarkets.org

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Healthy Markets Association is a 501(c)(6) nonprofit membership organization that conducts policy research and advocacy on US equity market structure for institutional investors, including US and Canadian public pension plans and asset managers.

Ownership category

akta.pro rank

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Distribution channels2 records

Marketing channels3 records

Core offering

Healthy Markets Association is a 501(c)(6) not-for-profit membership organization that educates market participants and regulators on capital markets policy. It sells its award-winning Market Structure Insights (MSI) subscription publication and a portfolio of free and paid research reports covering ATS transparency, order routing, best execution, benchmark integrity, dark pools, and market data, while also submitting regulatory comment letters and testimony to the SEC, Congress, and other bodies.

Product overview

Healthy Markets Association operates as a 501(c)6 not-for-profit member organization providing research, advocacy, and education on capital markets policy. Its primary offerings include Market Structure Insights (MSI), an award-winning subscription publication offering in-depth analysis of market structure issues, supplemented by a portfolio of free and paid research reports covering topics including ATS transparency, order routing, best execution, benchmark integrity, dark pools, and market data. The organization also publishes regulatory letters and testimony, contributing to policy debates with regulators and Congress. The portfolio is organized around program initiatives addressing key market structure issues: ATS Transparency, Benchmark Integrity, Best Execution, Concentration and Competition, Market Data, Order Routing Transparency, and Promoting Robust Public Capital Markets.

Differentiator

Problem solved

Functional benefit

Brands

• MSI (Market Structure Insights): Award-winning publication providing market structure insights to subscribers.

Products and services

• Market Structure Insights (MSI)

Segments3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves4 records

Expansion highlights3 records

Broad incumbents

• Investment Company Institute (ICI): The leading association representing regulated investment companies (mutual funds, ETFs, closed-end funds) globally. Comparable as a buy-side trade association that engages on market structure, regulation, and transparency issues affecting investors.
• CFA Institute: Global association of investment professionals that conducts research, advocacy, and standards-setting on capital markets integrity and ethics. Comparable as a member-driven organization producing investor-protection research that informs regulators.

Others

• FIX Trading Community: A nonprofit industry organization driving standards (FIX protocol) and best-practice guidance for electronic trading. Adjacent to HMA in addressing market structure, execution quality, and transparency — themes HMA covers in its reports — though focused on technical standards rather than policy advocacy.
• Milken Institute: An independent economic think tank producing research on financial markets, capital formation, and policy. Adjacent to HMA in producing institutional-grade research that informs regulators, though operating on a much larger scale and broader agenda.
• Brookings Institution: A major public policy think tank with dedicated financial markets and regulatory policy work. Adjacent to HMA in producing independent research and convening policymakers on capital markets issues, though with a much broader policy scope.

Emerging players

• Americans for Financial Reform: A coalition of consumer, labor, and community groups advocating for Wall Street reform and investor protection. Comparable as a non-industry advocacy voice that participates in the same SEC comment-letter process HMA targets.
• Bank Policy Institute (BPI): A policy and advocacy group formed from the combination of The Clearing House Association and FSR, representing banks on regulatory and market-structure issues. Comparable because it actively comments on SEC and capital markets rulemakings that affect HMA's members.

Direct peers

• Better Markets: A nonprofit organization advocating for stronger Wall Street regulation and investor protection. Closely comparable to HMA's independent advocacy role on capital markets transparency, with a similar publication-and-comment-letter model.
• SIFMA: The largest US securities industry trade association, representing broker-dealers, banks, and asset managers. Directly comparable as a capital markets policy and advocacy organization, but SIFMA represents the sell-side whereas HMA primarily represents the buy-side.
• Council of Institutional Investors (CII): A nonprofit association of large public, corporate, and union pension funds that advocates on corporate governance, market structure, and investor protection. Closely comparable because its membership base (US/Canadian pensions) and policy mandate on capital markets transparency substantially overlap HMA's.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/healthymkts
• LinkedInlinkedin.com/company/healthy-markets-association

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Healthy Markets Association