Traditional Players Getting Nervous

Today's Financial Times ran this story: http://tinyurl.com/4tqrw regarding the SEC's potentially changing some of what was originally published in their Regulation NMS proposal. Here's a blurb from that story:
"The change, which was first reported in the Wall Street Journal, has caused serious concern at the NYSE and at Nasdaq, though neither has yet made any public comment.

According to Bear Stearns, it would appear to require "a significant change" to the NYSE's hybrid plan. "This redesign could delay the roll-out of the hybrid market." Bear Stearns has expressed concern that the change could also increase market fragmentation and reduce the incentive for markets to innovate and stimulate liquidity."