DMA Grows Up

John Jacobs, chief operating officer and director of operations, Lime Brokerage

Direct market access (DMA) services and capabilities have been morphing, prodded in part by the US Securities and Exchange Commission’s (SEC’s) ban on naked access issued last fall, and scheduled to take effect this summer. Both DMA service providers and users see high-frequency trading (HFT) capabilities being included in DMA offerings and greater sophistication in risk management of transactions going into DMA.

The naked or sponsored access restrictions have necessitated risk monitoring for

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