NMS Approval Creates Questions


Industry observers are awaiting the full specifications of the Securities and Exchange Commission's proposed reform of US equity markets, Regulation National Market System, which the SEC approved last week.

Reg NMS covers four areas: the Order Protection Rule, designed to outlaw execution at anything less than the best price; the Access Rule, which establishes uniform access and fees across different markets; the Sub-Penny Rule, which establishes a uniform price increment of no less than a pe

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