SEC Scraps Naked Access

Mary Schapiro, SEC

Unfiltered, or "naked," access has been relegated to the history books as all five commissioners of the US Securities and Exchange Commission (SEC) voted today, Nov. 3, to eliminate the practice.

Under the new rule, which takes effect 60 days from the date of its publication into the Federal Register, broker-dealers are prohibited from providing customers naked access to an exchange or alternative trading system (ATS). It also requires brokerages to implement risk management controls and

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