Regulation NMS Nears Adoption

INDUSTRY ISSUES

Regulation National Market System (Reg NMS), the SEC's proposed reform of the US equities market structure, is expected to be adopted by mid-2005, according to analyst Jodi Burns at Celent Communications, who spoke at Celent's roundtable discussion on Reg NMS last month in New York.

Participants focused on market data revenues and the impact that the trade-through rule will have on the industry.

According to Burns, Reg NMS will open the market for increased competition. She says large broker

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