REG NMS and Competition in the Alternative Trading Systems in the US

Abstract

Recent technological and regulatory changes have brought about dramatic changes in the structure, conduct and performance of the securities industry in the USA and elsewhere. Trading venues such as ECNs, CNs and other ATSs compete head to head with the traditional exchanges. The SEC has recently adopted the so-called Reg NMS regulation whose major thrust is the order-protection rule. The latter makes regulation symmetric and provides a fairer level of competition. In anticipation of this regulation, the US industry has entered into a profound restructuring. The emerging industry structure, although oligopolistic, is more competitive. Reg NMS is thus a Pareto improving policy.

Competition between financial markets in Europe: what can be expected from MiFID?

“…Gomber and Gsell (2006) argue that this provides incentives for slow markets to change into fast markets. For an analysis of RegNMS, see Gentzoglanis (2006). See Engelen (2006) for a complete description of the changes in the securities trading landscape in Europe and the United States.…”

Strategies for Marine remote sensing target detection based on deep learning model and internal wave simulation imaging technology

“…Compared with traditional model-based methods, deep learningbased methods can learn efficient and robust feature representations from data without explicit computation, thus improving their robustness for challenging scenes such as illumination changes and less texture. Common classifiers include [18][19][20][21]: softmax classifier, decision trees classifier, and rogerset regression [22][23][24][25], among which the most widely used classifiers in target recognition of images are softmax and SVM classifiers [26][27][28].…”