SEC to Hold Roundtable on the Order Protection Rule: Revisiting Two Decades of Reg NMS
The U.S. Securities and Exchange Commission announced it will host a public roundtable on September 18, 2025, to re-examine the Order Protection Rule (Rule 611 of Regulation NMS) and its parallels in the listed options markets. The discussion will center on the rule’s “trade-through” prohibitions, which require trading centers to implement reasonable policies and procedures […]