Commentary

Jos Schmidt
Traders Magazine Online News

Reducing the Regulatory Burden on Public Companies, Yes Please But...

In this commentary, NEO's Jos Schmidt discusses regulatory requirements and needs in the Canadian equity markets.

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August 31, 2004

Is SEC Backtracking on Reg NMS?

By Gregory Bresiger

The SEC has been criticized by a market structure expert for making an exception to the trade-through rule. This would allow an automated market to trade through a non-automated market for up to a certain sized order. "The Commission seems to have backtracked on their Regulation NMS proposal," says Junius Peake, a professor at the University of Northern Colorado. "They have changed their definitions from an automated market to an automated quote." Peake went to work on Wall Street in 1951. "One of the first things I was taught was the difference between asking for a quote for a security, and asking for the market' for a security," he says. [See, tradersmagazine.com]