US EQUITY MARKET STRUCTURE：美国股票市场结构.pdfVIP

US EQUITY MARKET STRUCTURE: AN INVESTOR PERSPECTIVE APRIL 2014 The US equity market is one of the best functioning and most efficient markets globally. The market operated effectively and efficiently throughout the extreme stress of the global financial crisis in 2007-2008, and has shown improvement along a number of dimensions. These improvements have come during a time of dramatic change and technological evolution that has occurred since the adoption of SEC Regulation ATS (Reg ATS) in 1998 and the implementation of Regulation National Market System (Reg NMS) in 2007. Barbara Novick Richie Prager Vice Chairman Managing Director,  Institutional trading costs have declined and are among the lowest in the world Head of Trading  Bid-ask spreads have narrowed significantly Liquidity Strategies  Liquidity, as measured by shares and dollar volumes traded, has generally increased  The market has kept pace with the precipitous increases in message traffic and the speed of execution These market improvements have been the result of thoughtful regulation which promotes competition, innovation and transparency. BlackRock supports the recent steps that policy makers have taken to further enhance transparency and the stability Hubert de Jesus Supurna VedBrat of the market. The development of circuit breakers, kill switches, and more robust Managing Director, Managing Director, Co-Head of Market Co-Head of Market system compliance and