Targeting transparency - the impact Reg NMS will have on US-based buy side firms

Designed to increase efficiencies and foster a more level competitive landscape in US equities, Reg NMS hones in on best execution practices, just as the Markets in Financial Instruments Directive (Mifid) regulation does in Europe. The regulation's focus on best execution in turn requires greater transparency in an increasingly fragmented market, facilitated through greater connectivity and automation within and between counterparties.But buy-side and hedge fund managers are hardly strangers