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No Relief on Hill for Market Makers

Traders Magazine, May 2003

Gregory Bresiger

The makers and shakers on Capitol Hill are interested in the woes of the trading industry, but don't expect them to do anything. They're not going to ride to the rescue of the trading industry. That's what one of the key Capitol Hill leaders said at the recent Security Traders Association Congressional Conference in Washington. "There won't be any legislative relief. The ball is in the court of the SEC. Congress is free to express their opinions, but it's ultimately up to the regulators," according to Congressman Michael Oxley (R-Ohio), the chairman of the House Financial Services Committee. Oxley said that Congress will not intervene in the debate over access fees - which he said doesn't require Congressional action - or about promoting an environment that would improve spreads.

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