Skip to content
Subscriber Only

Stock Rules Too Complex to Official at NYSE’s Imminent Owner

Rules governing U.S. equities trading should be pared back because regulations have made the market vulnerable to breakdowns, according to a senior executive at the company poised to buy the New York Stock Exchange.

Tom Farley, the senior vice president of financial markets at IntercontinentalExchange Inc., said that regulations introduced since the late 1990s have forced “unnatural competition and evolution” between public exchanges and among equity venues run by broker-dealers. Atlanta-based futures market owner ICE is acquiring New York-based NYSE Euronext, which also runs Europe’s second-largest futures exchange.