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The Winners and Losers In the Reg NMS Stakes: Proposed Rules Rekindle Debates of the 1990s

Traders Magazine, April 2004

Steve Swanson

Market structure is at a critical crossroads. And the road that could be taken is fraught with potential danger for some of the heavyweights of the trading industry. Which direction will the Securities and Exchange Commission go? Will it go down the road that modifies the controversial trade-through rule? Will it set price limits on ECN access fees? Will it change market data rules?

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