Mostly… fixed income and cross product eTrading

May 2, 2007

Reg NMS Should Be Scrapped!!

Filed under: Mifid — holky @ 4:06 pm

So (according to securities news) says outspoken Securities and Exchange Commission member Paul Atkins, who is extending his critique of recent reform initiatives to one of the industry’s most significant current compliance concerns: Regulation National Market System (NMS).

Atkins faults the commission on both procedural grounds and for going too far in micromanaging some aspects of market operations. Reg NMS “represents a massive regulatory intrusion into our security trading markets that was completely unwarranted, given the lack of evidence of market failure and the availability of substantially less intrusive means to achieve the regulatory goals,” Atkins said in a speech to the SIFMA annual operations conference.

Are the powers-that-be for mifid learning from the experiences of Reg NMS?

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