SIA Pleads Case Against Reg NMS Deadline
The Securities Industry Association (SIA) has appealed to the SEC for an extension on the deadline for Reg NMS on behalf of its broker-dealer members. In a letter addressed to the SEC, the industry association claims that broker-dealers lack sufficient information from regulators in order to effectively comply with the order protection rule and access rule.
In its letter, the SIA laid out a timeline for Reg NMS implementation that suggests complete implementation of the order protection rule and access rule may not be possible by as late as one full year after the current implementation deadline of late June. The letter states that broker-dealers are currently unclear on the compliance, supervision, monitoring and surveillance requirements under the rules.
Reg NMS’s deadline has fallen under industry scrutiny lately, with industry members agreeing that the current deadline for implementation is unrealistic, if not impossible. The New York Stock Exchange and the American Stock Exchange both received extensions due to their failure in meeting Reg NMS’ provisioned sub-penny pricing rule in January.
"I don't think that it's at all likely ... that [Reg NMS] will be implemented starting in June," NYSE Group CEO John Thain told reporters on the trading floor of the exchange when his company went public after the acquisition of Archipelago Holdings.
ABN AMRO Secures Trading Desktop Computers With ControlGuard
ABN AMRO Global Futures selected ControlGuard Endpoint Access Manager to manage the secure use of removable media and portable devices. ABN AMRO has taken a proactive approach to secure trading desktop computers used to prevent information leakage and data thefts. Financial institutions rely on endpoint security to minimize the risk of data breaches, comply with federal regulations and protect IT networks from malware. ABN AMRO selected Endpoint Access Manager to prevent unauthorized use of removable media and portable devices, including thumb drives, CDs and iPods.
"Preventing unauthorized usage of removable media and portable devices is essential in order to manage a secure IT environment," said Joseph Kelly, senior vice president and chief technology officer of ABN AMRO Global Futures, in a release. "ControlGuard's innovative technology allows us to centrally manage security policies and authorize the use of removable media as needed."
ControlGuard's flagship security product, Endpoint Access Manager, allows financial services companies to centrally control, monitor and record how data is uploaded and downloaded from removable media and portable devices to desktop and laptop computers. Unauthorized transactions are blocked, monitored and communicated in real time to the management consoles. The solution shields networks from malware copied to endpoints, and it secures networks from exposure to the outside world through wireless modems, WiFi, Bluetooth and other interfaces.