The central question in securities-market structure is whether investors are better served by human-mediated markets, such as the specialist system of the New York Stock Exchange, or by electronic markets, such as NASDAQ and the Electronic Communication Networks. The Securities and Exchange Commission's recent Regulation NMS, although it purports to...

The decisions of the present Court appear to reflect less of a fidelity to an agenda or a desired outcome than they do to the textual and structural dictates of the Constitution.