Regulation NMS

Overview

The Securities and Exchange Commission (SEC) introduced changes to market structure, called Regulation NMS, to enhance and modernize the existing national market system (NMS) rules adopted under Section 11A of the Securities Exchange Act of 1934. View the final Rules.

Timing

October 16, 2006 Trading system technical specifications were published for trading centers that intend to utilize trade-through protection under Rule 611 during the Pilot Stocks Phase (July 9 – August 20, 2007) and the All Stocks Phase (August 20 – October 8, 2007).
March 5, 2007 Full operation of trading centers that intend to utilize trade-through protection under Rule 611 during the Pilot Stocks Phase (July 9 – August 20, 2007) and the All Stocks Phase (August 20 – October 8, 2007).
July 9, 2007 Start of full industry compliance with Rules 610 and 611 beginning with 250 National Market System (NMS) stocks (100 New York Stock Exchange stocks, 100 NASDAQ stocks and 50 American Stock Exchange stocks).
August 20, 2007 Start of full industry compliance with Rules 610 and 611 for remaining NMS stocks.
October 8, 2007 Completion of phased-in compliance for Rules 610 and 611.

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