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Wall Street & Technology February 4, 2005 Ivy Schmerken	Reg NMS Tops the CIO Agenda The regulation to modernize the National Market System is shaping up as the single most important issue that chief information officers of buy-side and sell-side firms will focus on in 2005.
Wall Street & Technology February 4, 2005 Ivy Schmerken	Reg NMS As part of the extreme makeover of the National Market System, the SEC's Reg NMS proposes that market centers route orders to the venue that offers the best price.
Wall Street & Technology February 12, 2004 Ivy Schmerken	Changing the Rules of the Game A change in the trade-through rule now on the SEC's agenda could lead to more direct-access and smart order-routing tools.
Wall Street & Technology January 5, 2005 Steve Silberstein	Dear CIO... Question: How will Reg NMS impact broker-dealers?
Wall Street & Technology July 26, 2004 Ivy Schmerken	Making Markets Move The race to become a fast market may lead exchanges to join forces with ECNs.
Wall Street & Technology June 22, 2004 Ivy Schmerken	How Low Can You Go? Reg NMS' proposed formula for allocating market-data revenues among exchanges isn't getting a warm welcome on the Street.
Wall Street & Technology June 4, 2004 Ivy Schmerken	Reg NMS: Divided We Stand Unable to define fast versus slow markets, the industry is split over the SEC proposal to amend the trade-through rule.
Wall Street & Technology February 14, 2006 Ivy Schmerken	Brokerage Teams Tackle Reg NMS as Deadline Looms Many financial firms have joined industry committees to make sure that their organizations' interpretations of Regulation National Market System (Reg NMS) are in line with other market participants' views.
Wall Street & Technology October 27, 2003 Jessica Pallay	Less Than A Penny For Your Thoughts? As exchanges consider sub-penny minimum-price variations, the industry braces itself for more market data.
Wall Street & Technology September 18, 2006	Ask The Experts: Mark Madoff, Codirector of Trading at Bernard L. Madoff Investment Securities The battle between Nasdaq and the NYSE is not your traditional price war, which usually is characterized by lower fees. So, how will this price war change order flow, and how will it impact regional exchanges and ECNs?
Wall Street & Technology June 13, 2006	Ask the Experts Mark Madoff, co-director of trading at Bernard L. Madoff Investment Securities, discuses how the U.S. securities market will change as the NYSE and Nasdaq introduce new fee schedules.
BusinessWeek December 6, 2004 Amy Borrus	No More Breaks For The Big Board Why the SEC should stand by its plan to loosen the NYSE's hold on trading
Wall Street & Technology January 24, 2006 Paul Allen	Turning the Tide As ECNs and other alternative trading systems have emerged, fragmentation in the capital markets has increased. But with the acquisitions of Archipelago by the NYSE and of the Brut and INET ECNs by Nasdaq, the tide may be turning.
Finance & Development March 2010 Randall Dodd	Opaque Trades Not all financial innovations increase efficiency. Here are three with questionable effects.
Wall Street & Technology October 24, 2007 Michael Topper	The Repercussion of MiFID and Reg NMS in the U.S. U.S. financial institutions must educate themselves on the difference and similarities between Reg NMS in the States and MiFID in Europe to ensure they know the rules and are able to comply.
Wall Street & Technology March 26, 2004 Ivy Schmerken	New Kids on the Block Two new players are offering block-execution systems to buy-side institutions. Can they succeed in a crowded field?
Wall Street & Technology February 12, 2007 Mark Madoff	Ask the Experts: Trading Q: Will SIFMA's request to have the SEC examine the NYSE's new market-data fees have any impact on the future fee structure(s)?... A: Most of the industry's efforts to prepare for Regulation NMS have been directed at dealing with automating quotes...
Wall Street & Technology April 25, 2005 Schmerken & Massaro	The Fate of ITS In a divided vote, the SEC passed Reg NMS, ushering in a new and improved trade-through rule that will make best price and fast quotations a requirement for U.S. equities trading. What will become of the Intermarket Trading System (ITS)?
Wall Street & Technology January 5, 2007 Ivy Schmerken	Stock Exchanges Create Trade Reporting Facilities to Earn Market Data Fees From Internalized Trades With the number of dark books and alternative trading systems proliferating, stock exchanges are venturing into the trade reporting business to earn market data fees from reporting off-exchange trades.
Wall Street & Technology March 21, 2006 Larry Tabb	Reg NMS: A Pox on All Your Houses The SEC's Reg NMS will significantly alter the way the markets and the industry as a whole operate. Instead of the market consolidation we have seen over the past few years, we are seeing a market fragmentation, as regional exchanges retool and ECNs proliferate.
Wall Street & Technology March 26, 2004 Larry Tabb	NYSE: Fast Market or No Market? If the NYSE becomes more electronic, its owners (the specialists and floor brokers) will be disadvantaged, and possibly jobless.
Wall Street & Technology September 23, 2005 Ivy Schmerken	New ATSs Arise to Fill a Void The consolidation in the equity markets is motivating new entrants that contend they can offer more competitive pricing and novel features.
Wall Street & Technology January 5, 2005 Ivy Schmerken	Hybrid Markets: A Migration to the Screen With market regulation in flux, all eyes are on the New York Stock Exchange as it awaits approval from the U.S. Securities and Exchange Commission for its hybrid-market proposal.
Wall Street & Technology May 25, 2005 Dan Safarik	A Chip Off the Block The New York Stock Exchange plans to modernize its trading model with the upcoming Hybrid system, which, in part, is meant to draw back the large orders that have migrated to newer, electronic block-trading systems.
Wall Street & Technology June 12, 2007 Ivy Schmerken	OES, Lava Trading Emerge as Dominant Vendors in Order Routing Brokers, exchanges and other vendors are relying on Order Execution Services and Lava Trading for their Reg NMS compliant order routing. But does this pose a risk?
Wall Street & Technology May 21, 2007 Les Kovach	Latest Market Data Dispute Over NYSE's Plan to Charge for Depth-of-Book Data Pits NSX Against Other U.S. Exchanges The NYSE filed a comment letter with the SEC supporting a review of the Commission's approval of the NYSE's fee proposal as well as a review of the current market data revenue-sharing formula under Reg NMS.
Wall Street & Technology June 28, 2005	The Next Big Thing Four analysts predict what shape they believe the future landscape of financial services technology will take.
BusinessWeek May 20, 2010 Nina Mehta et al.	The Machines That Ate the Market Once upon a time, human beings oversaw the trading of stocks. They've been replaced by a complex system of computers that can produce a scary new kind of mechanized panic. An investigation into the crash of May 6.
Wall Street & Technology June 21, 2004	Algo-Trading Meets Direct Access As buy-side firms take more control over executing orders, there is an increasing interest in algorithmic-trading strategies combined with direct-access trading platforms.
Wall Street & Technology February 27, 2005 Larry Tabb	The NYSE Floor: A Question of Control What is it about the floor - the history, the frenzy, the money, the legacy? Whatever it is, the NYSE floor, as it stands today, is under threat - and not just from dissatisfied institutional investors, but also from market restructuring proposals
Bank Technology News November 2007	Alternative Trading: ECNs, Dark Pools Gain Ground on Exchanges The trading venues running outside the traditional NYSE/NASDAQ exchange channels have their advantages-but also some limitations from their own success.
BusinessWeek May 20, 2010	Tricks of the Trade The evolution of men and machines in the stock market.
Bank Technology News June 2005 Glen Fest	Irreconcilable Differences? When Jerry Putnam used to describe the New York Stock Exchange and its practices, the CEO of Archipelago Holdings was prone to using words like monopolistic, blackball and pathology.
Wall Street & Technology January 23, 2007 Cory Levine	NYSE Requests a Four-Week Extension of the Reg NMS Deadline Although it has been beaten to death by industry analysts and press, the importance of the changes to the U.S. securities industry spurred by Reg NMS cannot be overstated. The industry anxiously awaits full implementation of the regulation in 2007.
Wall Street & Technology May 15, 2006 Cory Levine	An Industry in Denial Reg NMS is set to change the foundation of the securities industry and represents the reality of a major industrywide spend. But on whose shoulders that expense will fall remains largely up in the air.
BusinessWeek August 11, 2003 Dwyer & Borrus	NASDAQ: The Fight of Its Life The once-dazzling market is on the ropes as the bear market, fierce competition -- and hubris -- take their toll.
BusinessWeek December 22, 2003 Amy Borrus	Funds: Leaving Little Guys Out In The Cold The SEC's cleanup of mutual funds could shortchange small investors.
Wall Street & Technology January 23, 2007 Jessica Pallay	In the Search of Liquidity: The Time Is Now Now that Reg NMS is finally here, are firms ready to access 30 or more trading venues in their search for liquidity? After a year of investment in technology, firms need to demonstrate that their systems are up to the challenge.
Wall Street & Technology January 22, 2008 Sabatini & Smirnoff	Trade Reporting, Surveillance Key To Compliance With increased regulatory focus on protecting securities market participants, trade reporting and trade surveillance are key to providing transparency, efficiency and oversight for today's trading environment.
Wall Street & Technology July 26, 2007 Jessica Pallay	International Securities Exchange Grows With Daniel Friel The financial firm's CIO discusses his technology favorites, 2008 initiatives, and his top three current IT projects.
Wall Street & Technology February 14, 2006 Larry Tabb	Aggregation: Back to the Future With only two or three trading venues, aggregation is not very interesting. However, with the existence of three major execution venues, and another six or seven regionals and ECNs, in conjunction with an empowered SEC focused on best execution, and now you have a horse race.
Wall Street & Technology March 14, 2008 Penny Crosman	Exchanges Hardest Hit by Trade Data Avalanche Although the buy side and sell side have to store trade data, too, exchanges such as ISE are hardest hit by Reg NMS/MiFID trade data volumes.
BusinessWeek April 18, 2005 Mara Der Hovanesian	Cracking The Street's New Math Algorithmic trades are sweeping the stock market. But how secure are they?
Wall Street & Technology April 14, 2008 Larry Tabb	Opportunities Beckon Amid Economic Turmoil A shaky economy and the defibrillation of many fixed-income products provide fertile ground for automated trading, fixed-income ECNs and exchanges - as well as opportunities for those willing to take some calculated risk.
Wall Street & Technology March 19, 2007 Cory Levine	SIFMA and NetCoalition Set Off Market Data Dispute Lobbyists SIFMA and NetCoalition have convinced the SEC to conduct a rare review of market data fees, setting off a spirited debate between exchanges and broker-dealers, such as Charles Schwab.
Wall Street & Technology June 12, 2007 Melanie Rodier	Wall Street Firms Fine-Tune Reg NMS Compliance, Look Ahead at the Future Most financial firms have been working on boosting their order-routing capabilities and their infrastructure. But now is the time to see whether their systems can efficiently handle the data Reg NMS requires.
BusinessWeek September 22, 2003 Der Hovanesian et al.	How to Fix the Mutual Funds Mess Hidden fees, lax boards, and now scandal. Here's what has to be done.
BusinessWeek September 23, 2010 Nina Mehta	Missing: The Stock Exchange Buyers of Last Resort While increased competition in stock trading has lowered costs, it may have made the markets more vulnerable to rapid price moves.
Wall Street & Technology July 23, 2004 Kerry Massaro	Reinventing Themselves If you look back at the late-'90s, when new ECNs were being introduced into the marketplace regularly and a huge rivalry had developed between the ECNs and the exchanges, the securities industry's last consideration would have been that the two would join forces.
Knowledge@Wharton	Global Securities Markets Present Tough Challenges for Investors and Regulators The bursting of the Internet bubble, the collapse of Enron and the emerging demutualization of securities exchanges, especially in Europe, have brought the role of securities market regulators into sharper focus than before...