Before Reg NMS went into effect, the government had this big crackdown on the New York Stock Exchange specialists. They were sued civilly. They were indicted. I defended some of them. It was probably the greatest embarrassment in the history of the U.S. Attorney's Office of the Southern District of New York. They lost case after case.
A timely issue, with the fracturing of liquidity and the reduced role of the designated market maker.
No comments:
Post a Comment