The SEC Proposes a Revised Definition of “Dealer” Intended to Capture, Among Others, High Frequency Traders a/k/a “Flash Boys” | Patterson Belknap Webb & Tyler LLP

On March 28, 2022, the Securities and Exchange Commission announced proposed changes to Exchange Act Rules that would expand the scope of which market participants the SEC considers to be a “dealer” or “government securities dealer.”[1] Most investors would notice no change in their portfolio management practices.  But for certain high-frequency […]

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