Commentary

Traders Magazine Online News

Spoofing, Surveillance and Supervision

Jay Biondo, Product Manager - Surveillance at Trading Technologies, co-authored an article along with James Lundy and Nicholas Wendland, both of Drinker Biddle & Reath LLP, reviewing the CFTC's regulations and expanding efforts, 21st century surveillance and supervision, as well as strategic recommendations.

Traders Poll

Is the adoption of electronic trading in fixed income on par of that in the FX sector?




Free Site Registration

November 1, 2001

SEC Gives Traders Regulatory Break

By Staff Reports

It was the least of most traders worries in the wake of the horrific attack on the World Trade Center.

Owing to the disaster, Nasdaq trading markets have had more time to comply with two new rules governing trading execution quality and order routing.

The Securities and Exchange Commission extended until the end of November the receipt of monthly reports from market centers under Rule 11Ac1-5, moving it back from September. The first reports will cover October trades.

Another mandate, Rule 11Ac1-6, requiring broker dealers to file reports on order routing practices, was also extended from October to November for transactions in the third quarter.

The agency's action was prompted by the attack of Sept. 11, which damaged Wall Street's trade processing capabilities while causing widespread sadness.

However, this is not the first time the agency has pushed back the deadlines, which is not an unusual occurrence in trade processing projects.

The order execution quality disclosure rule for listed securities had its third postponement this summer. At the prodding of the Securities Industry Association, the SEC postponed the initiation date by three months to Oct. 1.