Nine months after last years “Flash Crash”, the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues made 14 recommendations to the SEC and CFTC. In our note on Friday, we stated that we were pleasantly surprised by some of these recommendations. We thought that the three recommendations that dealt with a cancellation fee, internalization and a trade-at rule were particularly newsworthy. Along with many others in the industry, we were not expecting to get any substantial recommendations like these from this committee. But the Joint Advisory Committee
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