SEC Floats Rules On High-Frequency Trader Registration

Law360, New York (March 25, 2015, 1:17 PM EDT) -- The U.S. Securities Exchange Commission on Wednesday voted unanimously to propose rules that would require high-frequency proprietary traders to register with a national securities association, a move intended to improve oversight of broker-dealers engaged in off-exchange trading.

The proposed amendments to Rule 15b9-1 would eliminate the current proprietary trading exemption and replace it with a narrower rule to exempt only off-exchange transactions by floor-based dealers that are solely meant to hedge the risks of its floor-based activities, according to the SEC. The new rule would subject...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.