Washington Watch: No New Regs for Online Broker Dealers.

Traders, January, 2000 by Hoffman, William

SEC Commissioner Laura Unger's report

on online trading does not propose new regulations for one of the hottest phenomena on Wall Street. But that suits some online pros just fine.

"Our view is positive," said Michael Hogan, general counsel at online broker DLJ direct, a unit of Donaldson, Lufkin & Jenrette. Recognizing that "one month in real time is seven months in Internet time," Hogan said, Unger and her colleagues rightly resisted the impulse to use observations made last spring as a foundation for new rules this winter. "The wrong thing to do would have been to regulate," he said.

"I'm delighted, both as a member of the public and as a participant in the markets," with Unger's report, said Stephen J. Schulte, a founding partner in the...

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