Markets Need to Get It Together

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It has been five years since the US Securities and Exchange Commission (SEC) fired the shot heard 'round the trading world: approving Regulation National Market System (Reg NMS) and precipitating a revolution in US equity markets. The traditional power structure was hunkered down back then and Reg NMS removed the final redoubts that had enabled the old interests to hold the forces of modernization at bay.

Today, as regulators consider a new round of reforms, we live in a different trading world

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