Editor's Letter - This one's a goner
The issue the SEC ought to be focusing on is that of unsupervised access to exchanges - that is access to trading venues where orders and executions are not scrutinised by the sponsoring broker through the use of real-time monitoring technology to ensure limits aren't breached. A decade ago this scenario wouldn't have posed much of a risk - actually, this scenario wouldn't have existed 10 years ago, as direct market access made feasible by order and execution management systems and underpinned
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