Systems Operators And Exchanges At Odds Over Proposed Sec Rule
THIS WEEK'S LEAD STORIES
The Securities and Exchange Commission has received a mixed response to its proposed Rule 15c2-10 that would regulate proprietary automated trading systems (TST, April 24, 1989). Until now, the SEC has dealt with proprietary electronic trading systems by issuing no-action letters that have exempted 11 such systems from registering as exchanges.
The SEC was prompted to rethink its practice of issuing no-action letters after receiving letters from several prominent associations and exchanges. These
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