In short, on Tuesday, the U.S. Securities and Exchange Commission (SEC) adopted a rule that will require more firms that "routinely work with securities" (like hedge funds and market makers) to register as dealers and submit to the stricter oversight that entails.
The new rule essentially expands that definition to include any institution that makes a lot of money (or tries to make a lot of money) capturing bid-ask spreads - like quant funds and high-frequency traders.
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