Regulation NMS - Formation of Reg NMS

Formation of Reg NMS

In 2005, the rules promoting the national market system were consolidated into REG NMS. Some of the more notable rules include:

1. Order Protection (or Trade Through) Rule - provides intermarket price priority for quotations that are immediately and automatically accessible (Rule 611)
2. Access Rule - addresses access to market data such as quotations (Rule 610)
3. Sub-Penny Rule - establishes minimum pricing increments (Rule 612)
4. Market Data Rules: a) Allocation amendment – institutes a new Market Data Revenue Allocation Formula, b) Governance amendment – creates advisory committees, c) Distribution and Display Rules – governing market data (Rule 600, 601 & 603).