At this conference, we will assess whether high frequency trading (HFT) has been good or bad for the securities markets and investors.

The SEC should abandon its effort to impose a trade-through rule. Instead, the SEC should approve the NYSE's so-called hybrid plan, which will enhance competition among market centers.

The latest draft of Regulation NMS, the Securities and Exchange Commission’s proposal for market structure reform, is now out for comment, and the commission has promised action soon after the comment period closes. The regulation, by extending the so-called trade-through rule to Nasdaq and covering all orders that are accessible...

TheSEC's proposed Regulation NMS (National Market System) serves no purpose and certainly does not amount to desirable market structure reform.

The Shadow Financial Regulatory Committee (SFRC) is a group of publicly recognized independent experts on the financial services industry, including banking, insurance, and securities, who meet regularly to study and critique regulatory policies affecting this sector of the economy. At the two closed sessions before the luncheon, committee members discussed,...

The SEC’s concept release emphasizes that market structure should favor long-term investors over short-term investors.

Close analysis of how different markets function under varying circumstances can shed light on the optimal structure for the securities markets in the United States.

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...