The Securities and Exchange Commission in late July voted unanimously to require large trading firms to identify themselves, so their market activities can be tracked (see Money Management Executive, 8/1/11, page 4).

But what if the elect not to identify themselves? How exactly will the SEC know who the large firms are? And what is the ultimate extent of the requirements placed on U.S. brokers to identify, for instance, large traders if they are not based in the United States?

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