Commentary

Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

Traders Poll

Would you feel better if the Chicago Stock Exchange were purchased by U.S. firm or consortium rather than a foreign one?

Yes

73%

No

4%

Doesn't matter to me

23%

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February 1, 2005

STA Asks SEC to Slow Down

By Gregory Bresiger

Tread lightly on the markets, a leading regulator was urged by a trading group. Phasing in connectivity and electronic access between market centers are the keys to building better market structure, the Security Traders Association wrote in a Reg NMS letter to the Securities and Exchange Commission.

"Connectivity would solve many of the problems we now have," Bill Yancey, vice chairman of the STA, told Traders Magazine. He added that this step-by-step process applied to the trade-though rule would avoid many of the dangers of over regulation.

"The STA strongly urges the commission," the STA wrote in its letter, "to avoid over regulation in the markets, which serve to impose exorbitant costs resulting in only small incremental efficiencies." The STA, citing a recent online poll conducted for the STA by Traders Magazine, said there is significant professional sentiment for its go-slow approach. Traders were asked for their preference on trade-through protection: top of the book, full depth of book or a phased-in approach. The STA noted there was overwhelming support for the phase in option.