Industry Hopes for NMS Delay
Traders Magazine, March, 2006 by Gregory Bresiger
Rumors persist among trading executives and securities attorneys that the Securities and Exchange Commission's Reg NMS will not be implemented on time this summer because the rules are said to be confusing.
"It is a foregone conclusion that NMS will be delayed," said a trading executive who conducts business with the SEC. He added that the controversial rule already has led to problems, as several exchanges have not written rules yet to start sub-penny trading. An order management executive, fearful that the NMS rules become effective in June, said that there is "no way the techies and vendors can write code to comply with the routing rules." He cited a few examples of potential NMS problems: the 600 series, specifically Rules 610 and Rules 611.
A buyside executive...
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