Regulators Take Aim at Flash, High-Frequency Trading

The furore began when-after much discussion in the press and in public-the Securities and Exchange Commission proposed banning so-called "flash orders" on Sept. 17. By this time, Nasdaq, Direct Edge and BATS had already voluntarily withdrawn the order types amid mounting speculation that the regulator would wade in with an outright ban (IMD, Aug. 10).

Although the order types were-and are currently still-deemed legal, the SEC proposed that the exception in Rule 602 of Regulation NMS was outdated,

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