On June 22, 2020, the Department of Justice’s Antitrust Division (“DOJ”) and the Securities and Exchange Commission (“SEC”) announced that they have executed an interagency Memorandum of Understanding (“MOU”) to better coordinate their efforts to increase competition in the securities industry. Although the DOJ and SEC previously have worked together on matters affecting competition in particular industry segments, the MOU represents the first time the two agencies have formalized regular communications designed to enhance their enforcement and regulatory actions. Coming on the heels of the SEC’s increased focus on access to securities market data and the DOJ’s high-profile investigations of large technology firms, the MOU may signal that both agencies will be increasing their scrutiny of market structure and information access in the securities business.