Latency, Order Protection, Co-Location and Fair Market Access in the Cloud

One of Reg NMS’ major tenets of Regulation NMS (Reg. NMS) is the Order Protection Rule (“OPR”), known as Rule 611. In essence, it requires that market participants adopt, maintain and enforce policies and procedures reasonably designed to avoid trading through a better priced quote published by another market center. As a practical matter, the rule [...]

By |2019-07-01T08:05:47-04:00June 26th, 2019|Cloud, Global Markets Advisory Group, Lou Pastina|

The Hybrid Market: Ten Years After

by Louis G. Pastina and Daniel M. Labovitz It’s been ten years since the SEC radically overhauled the US equity markets through Regulation National Market System (NMS). Beyond merely modernizing markets, Reg NMS has fundamentally changed the way we trade. Reg NMS was born of the Commission’s desire to encourage competition and innovation among markets. [...]

By |2017-07-31T17:26:42-04:00July 31st, 2017|Daniel M. Labovitz, Lou Pastina|

Q&A: Louis Pastina On Transformational Tech

Louis Pastina, who leads technology at consultancy Global Markets Advisory Group and previously served in technology and regulatory leadership roles at the New York Stock Exchange and the National Stock Exchange (GMAG), discusses dramatic changes in financial technology. Click here to read the full article.

By |2017-05-05T16:35:54-04:00May 5th, 2017|Lou Pastina|