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。

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Both dollar and euro tranches will be structured as seven-year bullet notes under Rule 144A and Reg S, for life.

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The SEC has taken 13 enforcement actions against companies and executives for alleged earnings leaks and other rule breaches of Reg.

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