In the aftermath of a meeting, RBC carried out an internal investigation that revealed significant movement within the workforce of the SEC. The study, which has not been made public, discovered that over two hundred employees from the SEC left their positions since 2007 to join high-frequency trading firms or companies that have close ties to lobbying efforts in Washington. This finding raises concerns about potential conflicts of interest and the revolving door phenomenon in financial regulation.

This revelation, mentioned in Michael Lewis's book "Flash Boys," underscores the challenges regulators face in maintaining independence and effectiveness. The allure of lucrative positions in the private sector may compromise the integrity of those responsible for overseeing the financial markets, ultimately leading to regulatory capture and a lack of accountability in the trading environment.