RIADeFiPublished by Ketju Research
Regulation · Proposal · not in effect

SEC proposes rescinding the NMS trade-through and locked-market provisions

Regulation · · Ketju Research

Securities and Exchange Commission

This entry records a proposal. It does not change the law unless it is adopted.

What changed

The SEC proposed rescinding Regulation NMS’s trade-through rule for NMS stocks, the prohibition on locking and crossing quotations, associated definitions, and related provisions.

Who it affects

  • Broker-dealers, exchanges, ATSs, investment advisers, funds, and clients trading NMS stocks

What is still open

  • Whether the Commission will adopt rescission and how execution and routing practices would change

What it means for an advisor

  • Assess potential effects on order routing, execution-quality review, policies, disclosures, and vendor systems.

Sources

  1. The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS · Securities and Exchange Commission ·

Version 1, published . Educational analysis, not legal advice.