Regulatory Alerts2016-06-23 | 2016-14876Added · Updated
Commission Interpretation Regarding Automated Quotations Under Regulation NMS
The Securities and Exchange Commission issued a final interpretation updating the definition of automated quotations under Regulation NMS to reflect modern low-latency trading technologies. The Commission now interprets the term 'immediate' to permit de minimis intentional delays that do not impair fair and efficient access to an exchange's quotations. This change allows trading centers with minor, purposeful latency mechanisms to maintain protected quotation status under the Order Protection Rule.
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