STA Open Call: Expanding the Scope of Rule 605

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About this Open Call

The Securities and Exchange Commission (SEC) held an Open Meeting on Wednesday, March 6, where they adopted amendments to the National Market System (NMS) stock order execution disclosure requirements of Regulation NMS under the Securities Exchange Act of 1934. These amendments expand the scope of entities subject to Rule 605, modifying the categorization and content of order information reported under the rule.


Open Call Index:
Q#1: Backstory – 01:00 Mark
Q#2: Process & Industry Input – 02:00 Mark
Q#3: Details of the Rule – 03:00 Mark
Size Groupings
Fractional Shares
Effective Over Quoted
Stop Orders
Measuring Size Improvement
Q#4: Implementation – 22:00 Mark


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