Market Structure
WHAT'S NEW
- REG NMS RELATED RULE FILINGS AND FINAL TECHNICAL SPECIFICATIONS: List of links to such recent filings and specifications prepared by the joint SIFMA/FIF Regulation NMS Operational/Technical Implementation Working Group. This site is being updated on a best efforts basis, so please remember to also check the source sites.
- SEC Updated FAQs - June 8, 2007
- SEC Order Exempting Certain Error Correction Transactions from the Reg NMS Order Protection Rule (pdf) & SIFMA's exemption request letter (pdf) May 1, 2007
- SEC Order Exempting Certain Print Protection Transactions from the Reg NMS Order Protection Rule (pdf) & SIFMA's exemption request letter (pdf) May 1, 2007
- Presentation from SIFMA Regulation NMS Web Seminar held February 8, 2007.
- SEC Postpones Certain Reg NMS Compliance Dates – pdf, Jan. 24, 2007
- Regulation NMS History
The Securities and Exchange Commission announced new implementation dates for the Regulation NMS order protection rule and access rule, and for one of the market data rules. The new deadlines recognize that many of the self-regulatory organizations (SROs) require additional time to make numerous changes to their systems - changes related to Reg NMS and otherwise, and that broker-dealers cannot proceed with certain aspects of their own Reg NMS efforts until the SROs’ new rules and systems are in place.The new time line requires SROs to publish on their websites by October 16, 2006 their final technical specifications for their systems regarding compliance with the new order protection rule. By February 5, 2007 these systems must be operational. May 21, 2007 is the start of full industry compliance with the order protection and access rules for a pilot group of NMS stocks. Full industry compliance with these two rules for all remaining NMS stocks takes place from July 9, 2007 until October 8, 2007, which is considered the "Completion Date.” In addition, one component of the new market data rules - the revised revenue allocation formula - has a new implementation date of April 1, 2007. These new phase-in dates are in line with what SIA member firms requested in a letter to the SEC staff on March 24, 2006. More details on the new dates can be found in the SEC release: http://www.sec.gov/rules/final/2006/34-53829.pdf
