The SEC (SEC news) is taking a look at many aspects of the current market structure. It has already taken some action regarding sponsored access. In January, for example, the agency proposed some rules on sponsored access.

Specifically, the agency wants to get rid of "naked access" by requiring broker-dealers who offer direct access to markets to create controls that would subject every sponsored order to risk checks before the order hits the market system. That has spelled opportunity for lots of broker-dealers and vendors. Lime Brokerage, for example, has launched services in this area.

Another example of a firm riding this movement is Mantara, which provides low-latency connectivity, data feeds and risk-management controls for high-frequency trading firms as well as an EMS, spanning hedge funds, agency brokers and larger broker-dealers.  It offers more than 40 pre-trade risk management check-offs, according to Traders. The firm has identified a dozen checks that are likely to be most relevant when the new rules are passed. Lots of firms are moving in this direction.

For more:
- here's the article

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