Foreign trading screens in the united state

"Trading screens allow investors to trade on an exchange without being physically present at the exchange or even in the same jurisdiction where the exchange is located. Europeans have repeatedly urged the United States to facilitate the placement of such remote trading screens from European exchanges in the United States. The U.S. Securities and Exchange Commission (the “SEC” or “Commission”), however, has objected to the placement of any such terminals in the United States unless the foreign marketplace first registers itself as a securities exchange under U.S. law. The controversy over remote trading screens is emblematic of a range of controversies between U.S. and E.U. regulators. Europeans see the SEC's position as an unvarnished act of economic protectionism, designed to preserve the position of the New York Stock Exchange and other U.S. trading markets. The SEC views its requirements as essential to safeguard U.S. investors from trading on inadequately regulated markets and from purchasing the securities of foreignissuers that do not comply with U.S. disclosure requirements. This article argues that technological advances in the securities industry have to some degree moote