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SEC Proposes Ending Unfiltered Access

"[These] rules would require brokers who provide market access to others to put in place effective pre-trade risk management controls and supervisory procedures," says Mary Schapiro, chair of the SEC. "These controls would effectively prohibit unfiltered access. The controls would also ensure greater supervision of those customers who are otherwise given access to exchanges or alternative trading systems (ATSes)."

According to SEC staff, a number of self-regulatory organizations (SROs) recently

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