Reg NMS

摘要

As part of the extreme makeover of the National Market System, the SEC's Reg NMS proposes that market centers route orders to the venue that offers the best price. This fundamental shift in the way equities are traded would require significant systems changes and technology investments. Why It's Important: To ensure that investors get the best deal when trading stocks, the SEC's Reg NMS would require market centers to route an order to the market that shows the best price. The rule currently is known as the Trade-Through Rule but has been coined the Order Protection Rule in the reproposed Reg NMS. Markets will need to provide automated quotes to ensure that other venues do not ignore their prices. Currently, markets publish their best bids and offers, known as top-of-book.