SIFMA Statement on the SEC’s Adoption of Market Data Infrastructure Rules under Regulation NMS

Washington, D.C., December 9, 2020 – SIFMA today issued the following statement from SIFMA president and CEO Kenneth E. Bentsen, Jr. on the SEC’s adoption of market data infrastructure rules under Regulation NMS:

“SIFMA strongly supports the SEC’s unanimous approval of its infrastructure proposal, as it is a positive step to provide investors with critical additional market data and to address current conflicts of interests for exchanges between the SIP data and exchange proprietary feeds.  We appreciate that the final Infrastructure rule will include additional content including depth of book, auction information for open/close auctions and odd lots, as well as the SEC’s move away from the centralized approach to the distribution of SIP data to a competitive, decentralized model with competing consolidators.  We further appreciate that it appears the final rule will not change the application of the order protection rule (OPR) and will provide for the protection of the new smaller round lot sizes under the OPR.  We have long advocated for the modernization of market data and welcome today’s announcement.”


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 nearly 1 million employees, we advocate for 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). For more information, visit