> Europe has shown that reg NMS is not needed and doesn’t benefit investors. I don't think Europe has shown this, or should be seen as an role-model for execut

> Europe has shown that reg NMS is not needed and doesn’t benefit investors. I don't think Europe has shown this, or should be seen as an role-model for execution quality. The European model benefits national champion exchanges and lazy brokers. In Europe, all retail flow is forced to Regulated Markets where it directly faces more sophisticated players. There is nothing equivalent to the execution-quality guarantees that RegNMS delivers in the US. RegNMS ensures a high quality of protection for the interests of retail investors, and is even-handed towards exchanges.