| Dear Friends,
SEC Chairman Mary Jo White announced several far-reaching initiatives and rule proposals that would affect virtually every aspect of the stock market. She focused on the impact of computer-driven trading and the importance of updating the SEC’s regulatory regime accordingly.
Notably, Chairman White proposed a rule that could require high-frequency traders to register as broker-dealers. Additionally, she directed the Staff to develop an Anti-Disruptive Trading Rule, to address aggressive short-term trading strategies used by high-frequency traders.
Additionally, she announced the development of a Market Structure Advisory Committee, comprised of experts to review specific initiatives and rule proposals covering the following areas: