The SEC Big Brother
Traders Magazine, June 2001
At a recent American Bar Association panel discussion in Washington, D.C., on antitrust enforcement and competition policy, I was ready to clash with Kevin O'Hara, general counsel of Archipelago. At issue was access to the NYSE's liquidity. I had made the following remarks:
"The battle over linkage and the so-called CLOB [consolidated limit order book] is a battle over access to the NYSE. The NYSE is characterized as a stodgy old club of dinosaurs standing in the way of progress. The new entrants into the battle, the ECNs, are characterized as purveyors of cutting-edge technology that can modernize the antiquated securities business and reduce costs to consumers. The new entrants, just like the regional exchanges, want access to the NYSE's liquidity, and they justify their demand as necessary to achieve the goal of the National Market System (NMS)."
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