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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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From: TFF3/9/2005 4:12:24 PM
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SEC Calls for Fast Action on Markets Overhaul
Wed Mar 9, 2005 10:37 AM ET


WASHINGTON (Reuters) - The top U.S. markets regulator on Wednesday called for swift action to overhaul the nation's securities market structure and said diverging viewpoints in a debate over how markets handle prices will be considered.
U.S. Securities and Exchange Commission Chairman William Donaldson also said the SEC would welcome congressional attention to whether credit rating agencies should come under tighter government oversight than had been contemplated in a recent SEC rule proposal.

In prepared remarks to be delivered to the Senate Banking Committee on Wednesday, Donaldson also called for "a top-to-bottom assessment" of public disclosures by mutual funds of trading and administrative costs.

On the SEC's effort to re-engineer how the securities markets interact and handle prices, Donaldson said, "I have asked the (SEC) staff to give serious consideration to all viewpoints as they develop final recommendations ... I believe the time for action has arrived."

The SEC has been debating for many months a proposed Regulation NMS that would extend the "trade-through" rule across all equities markets in an attempt to protect investors' ability to get the best price when trading stocks.

Some critics oppose the SEC's approach, which is aimed at updating the aging National Market System to accommodate new lightning-fast electronic trading technologies.

"I would expect the Commission to take action on Regulation NMS within the next several weeks," Donaldson said in the prepared remarks.
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