Abstract
In recent years, the United States and the European Union (EU) have waged a smouldering battle over the regulation of securities exchanges. Europeans have repeatedly urged the Securities and Exchange Commission (the ‘SEC’ or ‘Commission’) to grant European exchanges authority to locate remote trading terminals and screens in the United States without complying with SEC rules applicable to domestic exchanges. 1 These terminals would allow US broker–dealers to become members of European exchanges and trade on these marketplaces, without the need of being physically present in Europe or routing orders through European intermediaries. The SEC has, to date, generally insisted that a foreign exchange cannot locate such remote access terminals on the US soil unless the exchange fully complies with the US regulatory requirements applicable to US exchanges. 2 This article takes on the controversy over the placement of foreign trading screens in the United States with a three-step analysis.
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