Has Reg NMS Killed the Aggregation Star?
TRADING TECHNOLOGY
When the US Securities and Exchange Commission (SEC) proposed changes to the national market structure, it threw Wall Street for a loop from which it has yet to recover.
Under one of the major components of Regulation National Market System (Reg NMS), "fast" markets will have their top-of-book quotes protected in order to prevent trade-throughs. The immediate effect will be that no matter which market center an order is routed from, as long as it is the best national best bid or offer (NBBO), it
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