Review Regulation NMS, alternative trading systems, and market-abuse concepts tested on the Series 7.
U.S. equity trading takes place across exchanges, alternative trading systems, and other market centers operating inside a common regulatory framework. The Series 7 expects you to understand how orders are protected, how access rules shape routing, and how regulators monitor manipulation and abusive trading practices.
This chapter begins with the national market system, then covers alternative trading systems such as ECNs and dark pools, and ends with manipulation, surveillance, and related market-integrity concerns.