SIFMA Statement on SEC’s Proposed Amendments to Reg NMS

Washington, D.C., June 11, 2026 – SIFMA today released the following statement from president and CEO Kenneth E. Bentsen, Jr. on the Securities and Exchange Commission’s (SEC) proposed amendments to rescind Rules 611 and 610(e) of Regulation NMS:

“SIFMA appreciates the due diligence the SEC performed ahead of today’s proposed amendments to Regulation NMS, including rescinding Rule 611 on trade-through prohibitions, Rule 610(e) restricting locking and crossing quotations, and related defined terms in Rule 600. We look forward to commenting on the proposal and appreciate Chair Atkins’ intention to ‘simplify market structure and reduce costs for market participants while allowing competition, innovation, and other market forces to shape the continuing evolution of our equity markets’.

“We are encouraged that the proposal includes making conforming changes to other related provisions. SIFMA has long stated that market structure involves many moving, interconnected pieces. Before making any changes, it is important to identify and analyze interconnected market structure elements and study what corresponding impacts could stem from any intentional change, as well as the cumulative net effect of changes. Our markets are the envy of the world. Investors – both retail and institutional – enjoy narrow spreads, low transaction costs, fast execution speeds, high levels of pre and post trade transparency, and strong investor protections. It is important to continue to analyze what changes could mean for all investors. This is particularly true today, as the landscape for modern securities markets is under consideration in conjunction with extending trading into overnight hours and the incorporation of tokenized securities.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development.  SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).