The results of this study are welcome and expected. For quite some time, the regulators , notwithstanding both and common sense (how could regulations that heavily burden trading not impact liquidity?). That said, the fact that the regulations impair liquidity does not mean that the regulations are bad. All it means is that the regulations create trade-offs; one can reasonably argue that the diminished liquidity is worthwhile. It is important, however, that the regulators…

The SEC appears ready to focus on core concerns (e.g., capital formation) and not on topics that appeal to a political constituency (e.g., conflict minerals).

Will the CFTC rule changes cause the SEC to revisit its own rules? It would seem to be the right thing to do. 

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The mythic image of the "whistleblower" is that of a brave individual facing down a giant corporation (and preferably of the future subject of a movie). Sometimes whistleblowing does work like that. At other times, a whistleblower is just someone out for money (or revenge). What does a company do when it becomes aware of a whistleblower who has gone straight to the government with an accusation, without first attempting to remedy the matter internally, and the allegations turn out to be…