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Exchange Technologies: Reg NMS Sparks A Revolution

DWT Annual Review 2005

NEW YORK-A few weeks before the start of 2005, the U.S. Securities and Exchange Commission(SEC) set the plate tectonics of the U.S. equities market structure in motionwhen it published its third and final release of proposed regulatory changesfor the national market system, Regulation NMS (Reg NMS).

The proposed regulations focus on trade-through protection, standard intermarketaccess rules, the banning of sub-penny pricing and the re-calculation of marketprices from the exchanges and the Nasdaq

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