Early to Rise
WATERS SOAPBOX
Over the past year, we’ve seen the NYSE tout its hybrid trading system in order to meet Regulation NMS’ definition of a "fast market." Back in December, however, the US Securities and Exchange Commission (SEC) threw the industry a curveball with the additional suggestion of voluntary protection of the depth-of-book quotes as well as top-of-book. Neither the hybrid platform nor the NYSE would be able to handle that environment, Thain has acknowledged. But there’s a growing belief on Wall Street
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