The SEC’s Order Handling Rules of 1997 and Beyond: Perspective and Outcomes of the Landmark Regulation

In 1997, enactment of the Securities and Exchange Commission's Order Handling Rules ushered in a period of profound and unprecedented change in the competitive structure of the U.S. equity markets. In this article, the authors examine the crucial forces that led to this regulation, and focus on...

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Bibliographic Details
Published in:Journal of portfolio management 2016-04, Vol.42 (3), p.56-64
Main Authors: Lindsey, Richard, Byrne, John Aidan, Schwartz, Robert A.
Format: Article
Language:English
Subjects:
Competition
Institutional investments
Investors
Portfolio management
Regulation
Securities regulations
Stock exchanges
Stocks
Studies
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Summary:In 1997, enactment of the Securities and Exchange Commission's Order Handling Rules ushered in a period of profound and unprecedented change in the competitive structure of the U.S. equity markets. In this article, the authors examine the crucial forces that led to this regulation, and focus on significant developments in the years that followed. Of major importance is the assessment of one of the authors, Richard Lindsey. As the SEC's Director of Market Regulation during this tumultuous period, Lindsey was the chief intellectual force--and the architect of the Order Handling Rules that transformed markets.
ISSN:0095-4918
2168-8656
DOI:10.3905/jpm.2016.42.3.056