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A secure financial market system is critical to the national economy. Yet, the authors show that over the past thirty years, financial market regulations have actually increased the vulnerability of U.S. financial trading systems to cyber terrorism by mandating a "National market system" in which otherwise separate trading centers are electronically linked into a single integrated network and the market data generated in each center is subject to mandatory sharing. The conclusion is that the SEC's policy of communalizing the rights to market data, though very appealing as egalitarian politics, is contrary to the public interest and the protection of investors.
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