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The Government's 'Canary in the Coal Mine'

The Office of Financial Research (OFR) occupies just 20 pages in the Senate Banking Committee's massive 1,336-page financial reform bill-but its importance far outstrips the brief space devoted to it.

Smart Order Routing Systems Getting Smarter

One-size-fits-all smart order-routing systems are no longer that smart. It's not good enough any longer, trading firms say, to simply seek out the best price and best venue for execution.

Systemic Risk? In the U.K. ... It's the (FSA's) System

In November 2008, the Committee of European Securities Regulators said it wanted European regulators to accept transaction reports using a new method of identifying exchange-traded derivatives, called alternate investment instrument codes. But no securities firm can use the codes to report derivative transactions to the FSA.