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U.S. Securities and Exchange Commission

Speech by SEC Commissioner:
Statement at Open Meeting to Propose Risk Management Controls for Brokers or Dealers with Market Access


Commissioner Troy A. Paredes

U.S. Securities and Exchange Commission

Washington, D.C.
January 13, 2010

Thank you, Chairman Schapiro.

I support the recommendation before the Commission today.

The release indicates risks that market access arrangements can pose, particularly when it comes to so-called "naked" or "unfiltered" access. The release also indicates that a considerable volume of activity on U.S. equity markets is attributable to market access trading. Accordingly, while I look forward to all the comments we will receive, I am keenly interested in comments that address how the proposal might impact different trading activities and ultimately market performance. Relatedly, I am interested in comments that evaluate the costs and benefits of the Commission's proposal as compared to the approach to managing and supervising market access reflected in the Nasdaq rule change noted in the release.

As always, I want to thank the members of the staff who worked diligently on this proposal. I appreciate your efforts and dedication.


Modified: 01/13/2010