Return of the CLOB
TRADING TECHNOLOGY
Just before Christmas, the US Securities and Exchange Commission (SEC) sent shockwaves through the American securities markets by releasing a radically different version of its proposed Regulation on the National Market System, or Reg NMS, for industry comment. Unlike previous comment releases, however, this time the SEC gave the securities industry only 30 days, between mid-December and mid-January, to respond to the commission’s 371-page proposal.
Some observers were mystified. "Giving the
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