SEC、NMS規則611および610(e)の廃止を提案

The Securities and Exchange Commission (SEC) has proposed amendments to rescind Rules 611 and 610(e) of Regulation NMS. This proposal seeks to remove long-standing regulatory requirements that have governed order protection and market access for two decades.

What Changed

The core of the proposal is the rescission of Rule 611 (the Order Protection Rule) and Rule 610(e) (the Access Rule) within the Regulation NMS framework. By proposing to rescind these specific rules, the Commission aims to address unintended consequences that have historically hindered market efficiency and liquidity.

Operational Impact

For market participants, including brokers, exchanges, and high-frequency trading firms, the rescission of these rules will necessitate a fundamental review of automated order routing systems and execution protocols. The removal of Rule 611 will impact how firms manage "protected quotes" and execute orders across multiple venues, while the rescission of Rule 610(e) will alter the regulatory landscape regarding market access and quote dissemination.

Compliance teams must monitor the SEC's formal comment period and subsequent adoption of these amendments to ensure that trading algorithms and execution logic remain aligned with the evolving regulatory framework for US equity markets.

Source: SEC Proposes Rescission of Regulation NMS Rules 611 and 610(e)
Domain: sec.gov