SEC to open debate on Order Protection Rule


The Securities and Exchange Commission (SEC) announced that its Equity Market Structure Advisory Committee will hold its first meeting on May 13. The meeting will focus on Rule 611 of SEC Regulation NMS, known as the “Order Protection Rule” or “Trade-through Rule.”

Rule 611 requires trading centers to have policies and procedures designed to prevent “trade throughs” – trades at prices that are inferior to displayed and immediately accessible quotations at other trading centers.

“Enhancing our equity market structure remains a top priority,” said SEC Chair Mary Jo White. “As we continue to make progress in this important area, the committee’s experience and diverse viewpoints will provide valuable insight as we work together to further strengthen our overall market structure.”

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