Doubt over Reg NMS deadline
NEW YORK – Industry and government leaders are sceptical that the June 29 deadline for Regulation NMS (Reg NMS) compliance would be met, an assertion echoed by analysts. "It's pretty clear that there's a great deal left to be done," says Dan Gray, who is with the market structure counsel division of market regulation at the US Securities and Exchange Commission (SEC). "The date needs to be extended substantially."
The deadline requires the industry to comply with the changes to the trade-through and market access rules. The SEC will soon release a revised deadline schedule for Reg NMS, according to Gray, who spoke at the annual Security Traders Association of New York meeting in Manhattan on Friday, April 28.
A major reason for the delay is that nine out of the 10 registered US exchanges are currently developing new trading systems, he says. At this point, only the New York Stock Exchange's (NYSE) hybrid
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