The US Securities and Exchange Commission recently issued a proposal to expand the definition of broker-dealers to cover firms that escape regulation through electronic trading. A The Deal article reports on some of the comment letters received by the SEC.
“We do not support the proposal in any form and strongly urge the commission to withdraw it,” wrote partner Ignacio Sandoval.
He also cited a concern that the proposal would have the opposite effect that the SEC intends by disrupting Treasury markets.
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