Does anyone understand impact of the new REGnms? I was reading the pdf on SEC website but its little unclear. As far as I understand you won't be able to lock or cross "protected quotes". What's a protected quote? For example on Nasdaq we have Island/arca/MM/Edgx. If the offer on arca disappears but the other 3 are there Arca will route to Island/MM/edgex right? And charge you for it crazy amounts of money ie. $4/1000. Same for other ecns? They will have to route out. So we will never see a locked market, just like one ecn exchanges ie globex/forex/lse/euronext/. What's the point of having all these other ecns? I guess they can compete on prices? With new pricing models like $0 to add liquidity and 0.01 to remove, hoping people will add liquidity since you can get filled first? Maybe Don Bright can shed some light on this? As he is mentioning how he makes money on sweeps on NYSE, those shouldn't happen anymore with Reg nms. No? Any info would be greatly appreciated.