Absence of regulation or little of it is of no explicit distinction. Especially in the context of the securities market, the regulator's seat is always bombarded with ideas and criticisms. Nevertheless, the market has to be controlled subtly enough to discourage any mischief at the same time promoting innovation and growth.

The US equity market is, by far, the most active market in the world. More than three billion shares, or roughly $67 bn change hands daily even in these hard pressed times.1 Though most stocks are listed in the nation's two primary markets _ the New York Stock Exchange and the Nasdaq stock market _ they trade in a variety of locations, some of which are electronic and some that depend on human interaction.

Diversity among market centers has greatly enhanced competition, but has also raised several important issues on the structure and stability of the US equity markets. The US Securities and Exchange Commission (SEC) recently held public meetings to solicit ideas and opinions to address some of these issues from market participants, academics and regulators. The meetings are a precursor to a broader agenda that includes redefining rules that regulate the trading landscape in the future.

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