دانلود کتاب 40 سال تجربه با سیستم بازار ملی

I want to start by thanking Bob Schwartz for inviting me to speak this morning, and for his tireless efforts to foster a greater understanding of trading and market struc-ture. As always, Bob today has laid out a very provocative and thoughtful theme, “40 Years of Experience with NMS: Who Are the Winners and What Have We Learned?” It looks like we can expect a great conference with all the excellent panels. Before the panels begin, I would like to share my views on the National Market System, or NMS.1 Many of us in this business a long time will appreciate how the ‘75 Act Amendments to the Securities Exchange Act of 1934, and the rules by the SEC to create the National Market System, set the stage for the last 40 years of innovation in the markets.2 The pace of change since 1975 has accelerated through the decades, leading to what are the most efficient markets in the world. While the changes have not always been welcome, and indeed, they’ve been very contentious and painful for some, they have nevertheless brought a variety of positive effects for investors and issuers and have triggered a technological revolu-tion to this day.