Regulation NMS set to revolutionise market structure
NEW YORK – In the wake of Regulation NMS, there will be an entirely new market structure with increased activity from regional exchanges and alternative trading system (ATS) venues, according to a report from market researcher the Tabb Group. But the new market structure will be burdened by the push for best execution.
Most troublesome to the financial services community is a section of the new rules known as Rule 611 that requires all trading centres to establish practices and procedures designed to prohibit trade-throughs, the execution of orders at inferior prices.
As a result, exchanges large and small will be hot commodities post-Regulation NMS, because investors will look for venues that will continue to
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