Leading business school criticises SEC's Regulation NMS proposals
PHILADELPHIA – Regulation National Market System (Reg NMS) will "place innovation in a straightjacket" and "certainly result in unintended consequences to the detriment of the US equity market".
That is the damning assessment from the highly respected Wharton School at the University of Pennsylvania, of the Securities and Exchange Commission's (SEC) forthcoming rule to consolidate equity trades into a single computerised trading system.
Writing on the subject of best execution, Wharton finance professor Marshall Blume asserts: "[While in the past] the SEC has recognised that the quality of
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