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

> 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.

- URL: https://riadefi.com/regulation/2026-06-17-sec-regulation-nms-trade-through-rescission-proposal/
- Posture: Proposal · not in effect
- Authorities: Securities and Exchange Commission
- Event date: 2026-06-17
- Version: 1, published 2026-08-07 (first published 2026-08-07)
- Advisor-relevant: no

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](https://www.govinfo.gov/content/pkg/FR-2026-06-17/pdf/2026-12163.pdf) · Securities and Exchange Commission · 2026-06-17


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.