The SEC recently proposed Regulation NMS to enhance and modernize the regulatory structure of the U.S. equity markets to deal with a number of issues that have arisen since the creation of the National Market System (NMS) in 1975.
The full hearing will be webcast live beginning at 9:00 a.m. and can be viewed here.
Read the complete written testimony of John A. Thain and Robert G. Britz for this hearing.
AGENDA
9:00 a.m. Opening remarks by SEC Chairman William Donaldson
9:10 a.m. Introduction of issues by SEC Director Annette Nazareth
9:20 a.m. Panel 1 - Trade-Through Rule (John Thain to testify)
10:30 a.m. Panel 2 - Trade-Through Proposal (Robert Fagenson, NYSE Member to testify)
11:30 a.m. Panel 3 - Market Structure: Combining Traditional Trading Floor with an Automatic Execution Facility (John Thain to testify, Michael LaBranche and Jennifer Williams, NYSE Members to testify)
1:30 p.m. Panel 4 - Market Access Proposal (Linkage)
2:30 p.m. Panel 5 - Market Access Proposal (Access Fees) (Robert Britz to testify)
3:45 p.m. Panel 6 - Sub-Penny Quoting Proposal
4:30 p.m. Panel 7 - Market Data Proposal (Robert Britz to testify)