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Unemployed Trader Trashes Reg NMS

Traders Magazine, April 2004

Gregory Bresiger

Many of the SEC market reforms of the 1990s went too far and hurt the trading industry. Now the regulators' proposals for trading changes - Regulation NMS - will "sow the seeds for a new series of future regulatory crises," according to Richard Tullo, an unemployed 36-year old New York-based former market maker. "Regulation NMS is like offering a bandage to a hemophiliac," Tullo wrote. He also says the reforms of the 1990s, such as decimalization, caused the loss of many market maker jobs. Tullo worked for CIBC and Cowan & Co., among others over a 12-year period. "I have begrudgingly become something of an industry activist because I now have the opportunity to speak out," said Tullo, whose last job was as an execution trader for a hedge fund. "Many people who speak out in this industry pay a big price."

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