Government Watch

Mentioned 1× · first seen 05-jul-2026 · last seen 05-jul-2026

Regulation NMS Trade-Through & Locked/Crossed Markets Rescission

Current understanding

The SEC has issued a proposed rule to rescind the trade-through rule (Rule 611) and the locked/crossed markets provisions of Regulation NMS as applied to NMS stocks. If finalized, this would remove the longstanding order-protection framework that requires trading centers to prevent executions at prices inferior to protected quotations, materially changing U.S. equity market structure for brokers, exchanges, and investors. Status: proposed rule, not final.

Evidence log

Open questions

Contributing findings

Executive proposed rule

The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS

17-jun-2026 novelty 3 per-area 3 introduces

Ask about this page

Replies are grounded in this page's wiki content and the findings linked above. Citations to findings render as [F123] links.

Stages other doctrine resolution introduced proposed rule passed chamber executive action final rule enacted district opinion circuit opinion opinion

Subscribe: calendar of upcoming dates · deadlines feed · all new records