SEC proposes ending unfiltered access
In a recent open meeting, all five commissioners of the U.S. Securities and Exchange Commission (SEC) voted unanimously to release a proposed rule change that would end unfiltered, or naked, access to trading venues by buy-side firms.
"[These] rules would require brokers who provide market access to others to put in place effective pre-trade risk management controls and supervisory procedures," says Mary Schapiro, chair of the SEC. "These controls would effectively prohibit unfiltered access
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