SEC Adopts Final Rule Regarding Risk Management Controls for Broker-Dealers with Market Access

by Melissa Beck Rule 15c3-5 is a new rule that will effectively prohibit broker-dealers with market access from providing customers with unfiltered access to an exchange or alternative trading system ("ATS"). Excerpt: On November 3, 2010, the Securities and Exchange Commission (the "SEC"...

SEC Releases M&A Brokers from Registration

In a stunning reversal from over a decade of ruling differently, last Friday the SEC released a “no-action” letter saying it will not go after intermediaries in merger & acquisition transactions for failure to register as a broker-dealer even if they receive a commission equal to a percentage...

SEC Institutes Proceeding Against High Speed Trader – But Not For Trading

High speed trading is a frequent topic of discussion in the securities markets. Books have been written about it such as Michael Lewis’ “Flash Boys” and Scott Patterson’s “Dark Pools.” Hearings have been held on Capitol Hill and SEC and CFTC commissioners have discussed...