Awaiting the New Micro-Structure

Rob Daly, SST

In the past couple of weeks the US Securities and Exchange Commission (SEC) has kicked a few market features to the curb. First the regulator retired unfiltered, or naked, access. Then it voted to eliminate the practice of using stub quotes.

None of these come as surprise since the SEC has been telegraphing these reforms since the beginning of the year. Of course, the May 6 flash crash helped cement these decisions.

It's going to be interesting to see how the market is going to adapt to these

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