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Tim Quast
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We're All HFTs Now

In this guest commentary, author Tim Quast looks back at the history of HFT and how the market has evolved to where many firms now fit the definition of high-frequency trader.

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May 25, 2007

Reg NMS Delayed

By Gregory Bresiger

Warned by the New York Stock Exchange that it wouldn't meet the automated quotes deadline in Regulation NMS, the Securities and Exchange Commission is delaying the early phases of the implementation schedule. NYSE officials said they needed an extra month because of delays in their hybrid plan.

Reg NMS, whose crown jewel Rule 611 establishes intermarket quote protection, had called for the trading phase to launch on February 5. That is now delayed to March 5. The pilot stocks phase will be pushed back to July 9 from May 21, while the all-stock implementation step moves to August 20 from July 9. The final compliance date remains October 8.