Also at www.ostp.gov and www.nsf.gov/nsb/awards nms/.
NMS was introduced earlier this year and MiFID is supposed to be implemented by November.Another relationshipThe pressure from clients is a response to a decade of transformation.
New laws in both regions a rule known as Reg NMS in America, and MiFID in the European Union are pushing them toward greater transparency and competition.Electronic threatsThe new rules are also encouraging upstart competitors such as Project Turquoise, a trading platform created by a group of large investment banks.
In trading, margins on cash equities, which used to be Wall Street's signature business, have been hit by electronic platforms and by rules to increase price transparency, such as Regulation National Market System (known as Reg NMS) in America.The result, according to industry leaders, is growing pressure to explore new sources of profit.
It could also put slower floor trading at a disadvantage.Some market observers suggest that, should the NYSE have problems getting its hybrid system up quickly, the SEC could delay the implementation of Reg NMS for the entire market.
Such favouritism breaches a market-fairness rule known as Regulation NMS.
New rules on both sides of the Atlantic America's Regulation NMS and the European Union's MiFID directive will require trades to be routed through the market offering the best price (or best combination of price and robustness).
The same transition period was introduced for the eight new members states (NMS) from East-central Europe that joined in May 2004.
By contrast, several UK trade unions did not discourage immigration of Polish and other NMS workers, perhaps regarding them as potential recruits.A positive perspectiveThe UK's open door policy to East-central Europeans from day one of their accession has been generally positive with some 600,000 people arriving in the UK.
So far, no exchange has managed to capture a big chunk of the corporate-debt market, which is still dominated by dealers.While all this is going on, an important regulation, known as Reg NMS, is looming.
They got a fillip last year with the introduction of Reg NMS, a rule that forces trades to be sent to the venue offering "best execution".
