Yesterday, SEC Commissioner Daniel Gallagher gave a speech to a conference which could be looked backed upon as the turning point in the market structure debate that has raged over the past few years. The title of the speech was “Market 2012: Time for a Fresh Look at Equity Market Structure and Self Regulation” . Commissioner Gallagher started the speech by essentially saying that regulations that have been adopted over the past few years are responsible for the current mess of a market structure. He said:
“In short, understanding the structure
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