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

Richard Lindsey, John Aidan Byrne and Robert A. Schwartz
The Journal of Portfolio Management Spring 2016, 42 (3) 56-64; DOI: https://doi.org/10.3905/jpm.2016.42.3.056
Richard Lindsey
is a principal at Callcott Group LLC in New York, NY.
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  • For correspondence: rlindsey@callcottgroup.com
John Aidan Byrne
is a financial writer and editor in Rockaway, NJ.
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  • For correspondence: jaidanbyrne@optonline.net
Robert A. Schwartz
is the Marvin M. Speiser Professor of Finance in the Zicklin School of Business at Baruch College in New York, NY.
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  • For correspondence: robert.schwartz@baruch.cuny.edu
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Abstract

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.

TOPICS: Fundamental equity analysis, equity portfolio management

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The Journal of Portfolio Management: 42 (3)
The Journal of Portfolio Management
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The SEC’s Order Handling Rules of 1997 and Beyond: Perspective and Outcomes of the Landmark Regulation
Richard Lindsey, John Aidan Byrne, Robert A. Schwartz
The Journal of Portfolio Management Apr 2016, 42 (3) 56-64; DOI: 10.3905/jpm.2016.42.3.056

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The SEC’s Order Handling Rules of 1997 and Beyond: Perspective and Outcomes of the Landmark Regulation
Richard Lindsey, John Aidan Byrne, Robert A. Schwartz
The Journal of Portfolio Management Apr 2016, 42 (3) 56-64; DOI: 10.3905/jpm.2016.42.3.056
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  • Article
    • Abstract
    • THE PRESSURES FOR CHANGE
    • SOME QUESTIONS NEVER CHANGE
    • DECIMALIZATION, THE ORDER HANDLING RULES, AND REGULATION ATS
    • HAVE ALL THE IMPACTS BEEN BENEFICIAL?
    • CONCLUSION
    • ENDNOTES
    • REFERENCES
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