Source: WSJ

Category: Regulation, Trading

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One Response to “Regulation NMS & Stock-Trade Complexity”

  1. traderdc says:

    Are we sure about that? Pre 1900 we had over 100 venues. This eventually evolved down to 2 main markets and a handful of regionals. Then the big boys buggered up, and the ECNs came along. The big boys bot the ECN and we were back to 2 plus the regionals….but the whole time liquidity was actually far more fragmented sitting on dealer desks. What is more complex, orders residing on 50+ opaque dealer desks or liquidity residing in 13 lit and 40 odd instantly transactable dark markets. I don’t know, but i’m guessing you don’t either. What we do know is that implementation trading costs have come down while these new markets have been starting up. Lets not assume more visible markets makes the world more complex.