Is an EMS an exchange? Vendors alarmed by scope of Reg ATS amendments

Some industry participants are worried that proposed amendments to Regulation ATS could see the trading perimeter expanded to include a wide array of messaging systems.

Governments walk a tricky line when regulating tech: Come down too hard and stifle the very innovation that brings savings to consumers; regulate too lightly and consumers bear unintended consequences.

The fixed-income industry has electronified patchily over the past 20 years compared to other, more fungible asset classes. But innovation in protocols and platforms is rapid enough that it has long worried the US Securities and Exchange Commission (SEC), which earlier this year put out a

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