Federal Register #S7-2026-20

SEC Proposal to Rescind Trade-Through and Locked/Crossed Markets Provisions of Regulation NMS

This opportunity concerns a proposed regulatory amendment by the Securities and Exchange Commission (SEC): - Government Buyer: - Securities and Exchange Commission (SEC) - No OEMs or vendors are involved, as this is not a procurement action - No products or services are being requested - Key Details: - The SEC is seeking public comment on its proposal to rescind the trade-through rule and provisions related to locked and crossed markets for NMS stocks under Regulation NMS - The proposal includes conforming changes to related regulatory provisions and definitions - The intent is to modernize trading regulations in light of the evolution of highly automated and competitive U.S. equity markets - The unique requirement is the solicitation of public comments on the proposed regulatory amendments - No purchase quantities, part numbers, or contract values are provided, as this is a regulatory action, not a procurement

Description

The Securities and Exchange Commission (SEC) is proposing amendments to Regulation NMS under the Securities Exchange Act of 1934. The amendments aim to rescind the trade-through rule for NMS stocks, the locking and crossing quotations provision, and certain defined terms, along with making conforming changes to related provisions. The proposal addresses the evolution of the U.S. equity markets, which have become highly automated, interconnected, and competitive, and seeks to reduce market structure complexity and costs. Comments on the proposed rule are due by August 17, 2026.

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