Which Came First: Regulation or Fragmentation?


A key question for the SEC is whether these innovations simply represent the evolution of financial markets into a more efficient model, or whether they turn the marketplace into an uneven playing field, tilted in favor of those who can afford expensive technologies that give them an advantage.

According to a report from research firm Celent, firms spent $67.8 billion worldwide on IT in 2009, not including the costs of market data required to drive those systems. This represents a drop over 2008,

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