SVP Bernie McSherry published in Advanced Trading
October 15, 2009 |12.00 am
October 15,2009
It has been only four years since the last overhaul of U.S. stock market rules but the events of the last year have all-but-guaranteed that congressional leaders and financial regulators will be once again be tinkering with the way investors buy and sell stocks.
Would-be regulatory architects should exercise caution when altering market structure. If our recent experience is any guide, we may inadvertently create new problems by focusing on specific solutions with insufficient regard for the effect that changes will have on overall market quality.
In 2005, under the leadership of then-Chairman William Donaldson, the SEC issued Regulation NMS, which mandated revolutionary changes in market structure and effectively forced manual exchanges like the New York Stock Exchange to permit direct electronic access to the point of sale.
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