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Tag Archives: Reg NMS

Justin Schack, Rosenblatt Securities – Making Modern Market Structure Exchanges, OTC & Clearing,Feature,MarketsWiki Education,MWEd,Mwiki,ReformWiki,Regulation,Regulation & Enforcement,Tech / HFT,Video,video

“The whole point of Reg NMS was to deal with the 10 years of change that had already happened — that of course made things even more complex. And there are things about Regulation NMS that we’re dealing with today that some people find problematic. But it is not a new thing and it’s just another block in what I like to call the Jenga tower of market structure.” It always pays to have an understanding of history, especially when mass media latches onto a storyline and refuses to let go. In the wake of the financial crisis, one of…

Disruption is Not Innovation Blog,Commentary,Regulation

By Dr. Holly Bell   Prior to 1975, stocks often traded at different prices on different venues making it difficult for traders to find the best market prices. To resolve this problem, the SEC began its pursuit of a national market system, which has experienced several revisions over time. As market technology evolved, markets became increasingly automated and fragmented prompting the SEC to implement Regulation National Market System (Reg NMS) in 2005 to modernize and strengthen markets through improved dissemination of market information, reduced technical problems, and better price synchronization across exchanges.  Fast-forward to today and a dark pool seeking…

Let’s Pause a Moment: Keith Ross Talks Dark Pool Rules and IEX Interview,Regulation,Tech / HFT,Video

The addition of high speeds and multiple execution venues has altered the equity market structure in recent years. Now the SEC is weighing in with newly proposed rules on dark pools. Meanwhile, IEX, which rose to fame with Michael Lewis‘ Flash Boys, is trying to move from dark pool to full-fledged exchange. Keith Ross of PDQ Enterprises says transparency is a good thing, and a market pause has its benefits in alternate venues, but as an exchange could create chaos. When the Securities and Exchange Commission published its Regulation National Market System (Reg NMS) in 2005, only a small fraction of…

HFT: Can’t Stop Progress Blog,Tech / HFT

Half a century ago, manufacturers of abacuses complained to the government, asking them to do something about companies producing calculators that were putting them out of business. It was the dawn of the computer revolution. Neil Armstrong had to land on the moon manually because Apollo 11’s onboard computer overloaded. This failure did not stop progress in the use of computers in space. A few computer glitches on Wall Street cost some firms real money, but it did not stop progress in the use of computers in making investment and trading decisions. When US Regulation NMS narrowly passed about a…

Top 25 Most Read Stories from the John Lothian Newsletter (January 27-31) Blog

Here is a list of the most read stories from the this week’s editions of the John Lothian Newsletter: ICE CEO Sprecher wants regulators to look at ‘maker-taker’ tradingReutershttp://jlne.ws/1aCdZov Voice of Experience: Kim Taylor, President, CME ClearingThe Glasshammerhttp://jlne.ws/1idmF4e US traders resist Nasdaq’s Treasury pushFinancial Timeshttp://jlne.ws/Mfamcq A Suspect Emerges in Stock-Trade Hiccups: Regulation NMSThe Wall Street Journalhttp://jlne.ws/1hIndOT Nasdaq’s plan for cutting prices infuriates rivalsReutershttp://jlne.ws/Mfamck Trading Technologies’ University Program Now Active in More Than 50 SchoolsPress Releasehttp://jlne.ws/MfalW2 R.J. O’Brien Appoints Kevin Hall Managing Director, Sales and Head of New York OfficePress Releasehttp://jlne.ws/1dIswJv Michelle Smith, working behind the scenes to shape the Fed’s…