Exchanges' Market Reform Proposals Only Touch Margins

Law360, New York (January 9, 2015, 5:39 PM EST) -- While prominent U.S. stock exchanges including BATS Global Markets Inc. and the New York Stock Exchange have dialed up their calls for equity market structure reform, experts say the proposals they tout are would largely maintain a status quo that some believe favors large banks, high-frequency traders and the exchanges themselves.

Following a December draft proposal to securities regulators by NYSE head Jeff Sprecher calling for a "grand bargain" across the securities industry, BATS CEO Joe Ratterman on Tuesday published an open letter to market participants encouraging them to support three proposed changes to Regulation NMS, a set of SEC rules...

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