Automation of the trade execution process transforms the industrial structure of the trading services industry, changing the context within which trade execution services are regulated. We provide a short history of the US equity market experience as a case study of regulatory reaction and...

The growth in automated trading systems has been explosive, and regulatory initiatives and analysis with respect to this new form of financial market structure quickly followed. We analyze the use of the definition of an ÒexchangeÓ for the purpose of classification and regulation of automated...

The automation of trading markets has given rise to a variety of regulatory concerns. We briefly review the regulatory approach used by the U.S. Securities and Exchange Commission in dealing with automation of equity markets and the growth of proprietary trade execution systems in these markets....