Brokers: Yesterday and Today
Since 1998, the Securities and Exchange Commission (SEC) has allowed the implementation of Electronic Communication Networks under Rule 600 b 23 of Regulation NMS and found in the Securities and Exchange Act of 1934, 11A (SEC 2010).
The National Market System (NMS) was formed to promote fair-market competition and efficient markets and is regulated by Congress and enforced by the CFTC. The focus of NMS in its infancy addressed trade of stocks when, for example, the 1975 rules facilitated linkages of systems that traded stocks. All U.S. stock markets connected to one system. Time passed and NMS was again the focus to ensure fair market access, order protection, intermarket price competition, fair price protection, ...
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