Naked No More

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Once passed, the rule change will end up protecting the markets, but no one will be happy with it. High-frequency traders, who rely on a number of small firms willing to provide this service, will not like it, since it will mean a re-tooling of their trading strategies-nor will brokers, who will need to open the purse strings to upgrade or deploy new trading systems.

Over time, the public and even the regulators themselves may be dissatisfied. One smart writer, whose name escapes me at the moment

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