House Subcommittee Holds Hearing on Regulation NMS (with Delta Strategy Group Summary and Lofchie Comment)

The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises held a hearing titled "Equity Market Structure: A Review of SEC Regulation NMS" to discuss Regulation NMS.

The following witnesses testified:

• The Honorable Roel Campos, Partner, Locke Lord LLP; former SEC Commissioner, 2002-2007;
• Mr. Steven Lofchie, Partner, Cadwalader, Wickersham Taft LLP;
• Mr. Erik R. Sirri, Professor of Finance, Babson College; former Director of SEC Division of Trading and Markets, 2006-2009; and
• Mr. Chester Spatt, Professor of Finance, Tepper School of Business, Carnegie Mellon University; former SEC Chief Economist, 2004-2007.

Lofchie Comment: The principal purpose of the hearing was to determine whether the SEC should conduct a full-scale review of Regulation NMS. If the SEC undertakes this mission, it could include matters beyond the formal scope of NMS and include questions such as market data fees and the role of the exchanges as regulatory organizations.

Click here to view a summary of the hearing prepared by Delta Strategy Group.See:Committee Memorandum; Archived Webcast.