National market system mess

New national market system rules that took effect in March require brokerage firms and exchanges to route orders to the best-priced market. Breaking up orders and complying with the rules is a mess.

There was an easier way to do this, first espoused by market guru Jay Peake in the '70s—a central market where all orders could interact, a market utility if you will. The exchanges, NYSE first among them, killed that idea.

Jay, now retired, has an interesting history on how the whole thing transpired.