Exchanges, SEC At Odds Over Odd Lots

Industry insiders warn that the regulator’s attempts to modernize equities data by redefining trading lots will fall short of the mark if odd lot orders remain unprotected.

Almost by definition, financial regulators have a thankless job. Industry participants rail against overly burdensome requirements; consumers say that their interests aren’t being considered enough. To make matters more challenging, regulators need to be able to see into the future even as technology increasingly changes the market in unforeseen ways—but everyone has an opinion on exactly how the rule will have consequences in the future.

The Regulation National Market System (Reg NMS) was

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