Larry Tabb, Can Reg NMS End up being Repaired?
Jennifer Victoria Christine Deana, Paradigm Shifts Unintended Consequences: The Loss of The new Specialist, An upswing Of High frequency Trading, The situation Away from Responsibility-100 % free Liquidity For 
the Guarantee )(noting one to “Reg. NMS is actually quite successful” while the “the rise out of electronic segments improved race and you can faster transaction will set you back,” but the resulting “rush away from sites in addition to got unintended effects-effects that are running contrary to the a motives of one’s federal field program mandate.”), offered by
, Tabb Community forum () (noting you to definitely “[f]ixing Reg NMS to settle every industry’s trouble together with her is actually next to impossible. According to your position in the market, the guidelines can also be move from notably good-for most damaging. Where you are for the affairs relies on the place you remain.”), offered at
Lawrence Harris, Trade and you can Transfers: ). Teacher Harris relates to these types of investors once the “utilitarian buyers.” See id. in the 192-94. They include, yet others, the next: (i) investors just who seek to rescue latest money for coming use, if you find yourself getting a reasonable rate out of return; (ii) consumers whom believe in this new hope out-of future profits so you’re able to borrow currency to finance newest funding; (iii) investment exchangers, exactly who get a secured item out-of deeper quick really worth compared to one to they delicate; and you may (iv) hedgers, which trade in equities to minimize chance. …
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