The most pernicious rule is Regulation NMS, approved in 2005, which forced the New York Stock Exchange to accept automated executions of trades. That led to today's all-electronic marketplace, complete with high frequency trading, overly complex order types, flash crashes, and botched initial public offerings, according to Wunsch.Pretty much what my impression of the situation is. Though it doesn't mean I'm right - fools seldom differ, as the saying goes.
"The SEC destroyed the greatest market in the world for capital raising and investing and replaced it with a casino of rapid fire trading," Wunsch wrote. The old models of the New York Stock Exchange auction and the Nasdaq dealer market were best, but vanished due to SEC meddling, according to Wunsch.