The Other Regulation

As we all wait for Level 2 to be finalized (and when is that going to be? July? August?), Meg has started thinking about Reg NMS.

Meg is not an isolationist and when the cries of unpreparedness for MiFID get a little boring, our minds start to wander to other parts of the globe and other, wide-ranging rules that will change the market.

For those of us outside the US, the SEC's Reg NMS is a set of market-structure reforms that will require brokers and exchanges to guarantee investors the best a