Doing the groundwork
The start of Reg NMS's pilot phase in July may have led compliance teams at brokerages to believe most of their work is done. But, as Peter Madigan explains, things are just getting started
Alongside Basel II, Sarbanes-Oxley (Sox) and the wealth of other regulations keeping risk and compliance teams busy in recent years, equities trading desks have been feverishly working on a new rule all of their own.
In every bit as substantial a change as Sox was for the auditing department, Regulation National Market System (Reg NMS) is dramatically changing the way securities brokerages of all sizes are going about their day-to-day business. Initial arguments over the necessity of the rule in
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