Letter from America

Anne PlestedThe Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law by President Obama on July 21, 2010 and the US is in the midst of a rule-making process.

You may have read in the press that the US Securities and Exchange Commission (SEC) is in the process of delaying the implementation of the Dodd-Frank financial changes. Last week it was also reported that US exchanges have asked regulators to delay implementation of key changes to market access rules, originally set to take effect on 14th July, until the end of November.

To give you a flavour of what is happening across the pond Jess Haberman from Fidessa’s New York office has sent us this Letter from America.

2 Responses to “Letter from America”
  1. mark rest says:


    was interesting to see the summary

    “to transfer this revenue from large institutions to
    small business”

    maybe I need to read the last sentence first.

  2. Anne says:

    Nice to see someone is reading through to the last sentence!

    FYI since going to press…
    The SEC has indeed announced a delay in the implementation of its ban on naked access. Originally scheduled to take effect on July 14th 2011, the date for compliance with Rule 15c3-5 (Risk Management Controls for Broker or Dealers with Market Access), has now been extended to November 30th 2011.

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