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The Reg NMS Debate Goes On:
NMS Decision

Traders Magazine, July 2005

Gregory Bresiger

(Traders Magazine, July 2005) -- Representative Richard Baker, the chairman of the House Subcommittee on Capital Markets Insurance & Government Enterprises, opposed the recently passed Reg NMS plan. He was critical of the extension of the trade-through rule, or what the SEC calls the order protection rule. Baker (R-La), in the months leading up to the final adoption of Reg NMS by the SEC, called the trade though rule a "relic" and an "anachronism." Along with much of the electronic trading industry, he has advocated the end of the rule. In the days after the controversial three-to-two SEC vote, Baker and others on Capitol Hill hinted that they might try to reverse the SEC's decision. However, no lawmaker would commit to trying to override the commission's action until the unveiling of the order. That 500-page order was recently released. Rep. Baker discussed Reg NMS issues with Traders Magazine's Gregory Bresiger.

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