With all due respect, Auric, any ATS which is likely to have as much impact on the trading markets as VWAP is expected to have (by the SEC) will not be approved by the SEC except on a one or two year trial basis (and Reg ATS won't permit it either except on a pilot basis). And the approval by its terms contemplates expansion of the trial program and permanent status down the road. This rule amendment was worked out hand in hand with SEC regulators over a two year period in a manner that involved considerable SEC review of the system, how it works, whether it works, what likely impact it would have on the market, how it might be manipulated, how it could be surveilled, etc., and the 1 year pilot approved on 3/24 is the outcome of that process. In short, that you would make a statement that the SEC approval of the PHLX rule amendment (or the UTTC/PHLX contract which that rule amendment permits) is "meaningless" because it is a 1-year trail program reflects how little you know about the subject of alternative trading systems and the SEC's regulation of them, and how little you know about the process that led to the approval being granted in the first place.
Have you read the SEC's approval of PHLX Rule 237? Have you read Reg ATS? Do you have knowledge of how these systems are regulated and operated? Or do you just cut and paste articles about ATG's competitors (about which I assume you know as little as you do about ATG), and so-called "insider sales" (which are just 144's) and rely on that for all of your diligence?
MST |
