Hearing Entitled: From Order to Execution: Ensuring Efficient and Transparent Equity Markets”

The GOP Financial Services subcommittee held a hearing on May 20, 2026, titled "From Order to Execution: Ensuring Efficient and Transparent Equity Markets." The discussion focused on the modernization of Regulation National Market System (Reg NMS), particularly rule 611, known as the trade-through rule, which governs order execution and market competition. Witnesses from financial firms including Robinhood, Nasdaq, Optiver, and Themis Trading provided testimony on the impacts of Reg NMS on market liquidity, investor protection, and capital formation. Key procurement-related topics included the potential rescission or revision of rule 611, the interconnected nature of Reg NMS rules such as rules 610 and 612, and the implications for market data fees, exchange rebates, and trading venue proliferation. The hearing also addressed emerging issues like tokenized securities and the SEC's proposed innovation exemption, with concerns raised about investor protections and market integrity. Members emphasized the need for a comprehensive, data-driven approach to reform that balances innovation with transparency and best execution obligations. No specific contract awards or procurement actions were discussed, but policy decisions under consideration could influence future market infrastructure and vendor opportunities.