February 28, 2014
Cadwalader, Wickersham & Taft LLP, a leading counselor to global corporations and financial institutions, announced that Steven Lofchie, a partner and co-chair of the Financial Services Group, participated as a witness at a February 28, 2014, House Committee on Financial Services hearing entitled "Equity Market Structure: A Review of SEC Regulation NMS."
Lofchie joined a panel comprising former SEC Commissioner Roel Campos, former SEC Director of Trading and Markets Eric Sirri, and former SEC Chief Economist Chester Spatt.
Fully implemented in 2007, the effects of Reg. NMS continue to be a subject of ongoing debate. Despite its intention to apply a uniform regulatory system to strengthen and modernize the governance of U.S. equity markets, some market participants have identified Reg. NMS as a potential source of market complexity, dislocation, and disruption.