Please read this public comment to the SEC, that we just found this morning on the SEC’s site, authored by R.T. Leuchtkafer:
The argument is simple, elegant, and spot on. I present it with no commentary as such.
July 15, 2010
By now, most of the world embraces some form of affirmative obligations for market makers. That is good news. At minimum, a firm won’t be entitled to market maker privileges without providing some kind of continuous and competitive liquidity.
But affirmative obligations may not be enough. We know now that May 6 was, in ITG’s
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