SEC Proposes Rescission of Reg NMS Rules 611 and 610(e)
SEC proposed amendments to rescind Regulation NMS Rules 611 (Order Protection Rule) and 610(e).
The SEC is reopening core US equity market structure by proposing to eliminate the Order Protection Rule and related access fee cap mechanics. If adopted, broker-dealers and venues would face material changes to routing logic, best execution governance, and competitive dynamics across lit and dark venues.
Reg NMS rescission would reshape US equity market microstructure, execution quality obligations, and venue economics.
Action Required
Assess equity execution, routing, and best execution frameworks for impacts from removing the trade-through rule.
A foundational US market structure rule is being reconsidered after two decades; systemic implications for trading and compliance.
Monitor SEC proposal to rescind Reg NMS Rules 611/610(e). Evaluate routing logic, best execution policies, venue analytics, and client disclosures. Prepare comment response and impact assessment.
“The Securities and Exchange Commission today proposed amendments to rescind Rules 611 and 610(e) of Regulation NMS. Chairman Atkins said the proposal aims to simplify market structure and reduce costs for market participants.”
Published: 2026-06-18