The Security Traders Association has issued a special report calling for some reforms to US market regulation.

In the report, the STA says that it believes the sea change created by new national market rules, known as Reg NMS, and by the increasingly competitive global investing environment, necessitate a checkup on the current state of the US markets and their future.

“Therefore, STA has drafted a special report that outlines what we believe are some of the major issues affecting our markets, hoping this will inform a public policy debate and bring attention to certain reforms which may be necessary,” it explains.

“We are not calling for a rollback or wholesale revision of Reg NMS,” it says. “Rather, this report contains a thorough “ground-level” analysis of today’s markets so that interested parties understand what challenges face practitioners and where regulatory improvements could be made.”

Among its recommendations, it calls on the US Securities and Exchange Commission to undertake a comprehensive review of market data fees; it urges the SEC to aggressively pursue those who would manipulate the market or violate other provisions of short selling rules; and, it says that there should be clear, uniform and market-wide clearly erroneous trade policies.