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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.
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 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 April 14, 2006	Playing Catch Up On Reg NMS Broker-dealers that have not yet established a compliance strategy or begun a program design in preparation for Reg NMS are well behind the industry curve.
Wall Street & Technology February 3, 2005	REG NMS Cheat Sheet A synopsis of the 371-page SEC document outlining the Regulation National Market System proposal, with one-page summaries of each of its four components.
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 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.
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 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 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 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.
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 June 13, 2006 Greg MacSweeney	Careful What You Wish For While financial firms are relieved by the extension of full Reg NMS implementation, compliance now bumps up against the Nov. 1, 2007 deadline for the European Market in Financial Instruments Directive (MiFID). So where does that leave the industry?
Wall Street & Technology January 24, 2006 Greg MacSweeney	Reg NMS: Hurry Up and Wait An interview with Joe Gawronski, COO at Rosenblatt Securities, on the possibility of a delay in the implementation of both Reg NMS and NYSE's planned hybrid exchange model.
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 June 28, 2005	The Next Big Thing Four analysts predict what shape they believe the future landscape of financial services technology will take.
Wall Street & Technology April 22, 2005 Kerry Massaro	Catalyst for Change The SEC approved Reg NMS - a regulation that will transform the markets from a system centered around the NYSE as an auction market to one that is more in-line with the fast pace of technology in the world at large.
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.
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 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 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 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 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 June 13, 2006	Regs Create Revenue MiFID and Reg NMS will open up new business opportunities in market data sales for the European and U.S. markets, according to a new report.
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 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 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.
Bank Technology News January 2008 Anthony Malakian	Data Processing: Forestalling a Market Data Overload Thanks to Reg NMS in the U.S. and MiFID in Europe, market data volume is on the rise and will continue to grow gangbusters. Investing in infrastructure will be a way of life.
Wall Street & Technology February 21, 2007 Larry Tabb	Against the Odds, the NYSE Has Successfully Implemented the Hybrid, Acquired Euronext and Become More Profitable New technology, combined with cost-cutting and a large market share, has allowed the NYSE to become more profitable and successful.
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 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.
Wall Street & Technology January 6, 2006 Ivy Schmerken	Transforming the American Stock Exchange An interview with Antoine Shagoury, the American Stock Exchange's EVP and CIO on his plans for revamping Amex's trading platform, consolidating legacy platforms and making the exchange more competitive.
Wall Street & Technology January 23, 2007	Pondering Liquidity Management The next five years will see a considerable increase in order internalization as market pressures force banking firms to adopt the philosophy of liquidity management in order to stay competitive, a new research note speculates.
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 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 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 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 18, 2006 Ivy Schmerken	Amex CIO Prepares to Launch New Hybrid System, AEMI, for Reg NMS CIO Antoine Shagoury is ramping up the process to launch the exchange's new hybrid trading system AEMI to be ready for Reg NMS.
Wall Street & Technology January 23, 2007 Cory Levine	A Market Turned Upside Down The E.U.'s Markets in Financial Instruments Directive is scheduled to go into effect in November 2007. Even U.S.-based firms will need to have a thorough strategic plan for compliance in order to stay competitive in the global markets.
Wall Street & Technology October 22, 2004 Jim Middlemiss	Hybrid Market, Myriad Challenges Chief Technology Officer Roger Burkhardt has the unenviable task of automating the New York Stock Exchange and putting it on a level playing field with electronic competitors by creating a hybrid market.
Wall Street & Technology June 13, 2006 Cory Levine	Indirect Hit Although the Markets in Financial Instruments Directive (MiFID) has yet to fall on the EU, the global nature of the industry demands that U.S. financial firms pay attention to the changes at hand.
Financial Planning September 1, 2006 David Spinar	Even the Playing Field Congress needs to standardize the regulations for investment advisors and broker-dealers.
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.
Investment Advisor April 2008 Kathleen M. McBride	SEC: "We hear you" The Securities and Exchange Commission has proposed an amendment that may make taking customers to a new firm easier on reps and B/D executives.
Wall Street & Technology April 26, 2007	Electronic Trading Boom Spurs Spending on Advanced Trading Technology The rapid growth in electronic execution of institutional equities trades will spur U.S. capital markets participants to spend $860 million on advanced trading technology this year, and spending will reach $1.3 billion by 2010, according to a new report.
Wall Street & Technology June 13, 2006 Tim Clark	Ahead of the Curve In 1991, Ray Killian spearheaded the design of QuantEX, an early version of ITG's POSIT crossing system. Today, Killian continues to evolve his firm's technology strategy to stay ahead of a rapidly changing marketplace.
Wall Street & Technology February 12, 2007 Cory Levine	Exchanges Lag in IT Spending Despite the global reinvention of securities exchanges as for-profit companies, IT spending by exchanges will continue to lag behind that of brokers and asset managers, according to research.
Wall Street & Technology January 9, 2006 Larry Tabb	Seven Trends for '06 Banking and technology trends for the new year: exchange and market infrastructure redesign... the move toward low-touch services... lagging firms will be forced to rebuild their market data infrastructure... etc.
InternetNews April 22, 2005 Jim Wagner	NASDAQ to Acquire Instinet The $1.88 billion cash deal ups the stakes in the competition between the NYSE and NASDAQ.