New laws in both regions—a rule known as Reg NMS in America, and MiFID in the European Union—are pushing them toward greater transparency and competition.

在这两个地方，新法令——在美国被称为国家市场系统管理规则（Reg NMS），而在欧盟则被称为金融工具市场法规（MiFID）——都在推动交易所更加透明度、更具竞争力。

youdao

Reg NMS worked perfectly well Thursday but the crisis exposed its Achilles heel.

FORBES: Some Agreement on Speed Bumps for Market Panics

Earlier this year the Securities and Exchange Commission approved a regulation known as Reg NMS, which emphasises the need for markets to be speedy.

ECONOMIST: Good times rarely last

The NYSE was charged with violating Reg NMS when, starting in 2008, it transmitted data through two of its proprietary feeds starting before sending data to the consolidated feeds.

FORBES: Historic SEC Order Slams NYSE For Data Violations