Ownership of market data, and the rights to profit by the sale of market data, are important drivers of profitability in the securities industry. Should quote and trade execution data belong to (i) the market on which a transaction was quoted or executed, (ii) the broker through which the order or trade was generated, (iii) the market participant(s) who originated the order or execution, or (iv) the public? Even once the question of ownership is determined, further questions arise as…

This proposal is a large step in the right direction of reforming FSOC. The notion that the government could, on the basis of an almost entirely discretionary and non-transparent set of procedures, impose an open-ended set of requirements on individual companies is fundamentally inconsistent with the notion of the "rule of law."

Currently, there are . No such arbitrary individual company designations should be made again. Congress would do well to eliminate this arbitrary…

Every year, the vast majority of NASAA's proposals relate to the strengthening of enforcement mechanisms. By contrast a relatively small percentage relate to measures that might, for example, encourage capital formation within a state. Is that because state securities laws are not tough enough? Or is it because the natural inclination of securities regulators is to focus on enforcement rather than economic growth?

Commissioner Peirce is a champion of intellectual and political freedom because she is not merely smart and funny; she has the courage not to be cowed by the going view of what is a correct opinion or the pretense that good corporate governance is a synonym for obeisance to trending moral platitudes. See ; ; . See also Matt Levine's piece, .