Regulatory Alerts2024-04-15 | 2024-05556Added · Updated
Disclosure of Order Execution Information
The Securities and Exchange Commission adopted amendments to Rule 605 to modernize the disclosure of execution quality statistics for national market system stocks. The rule expands reporting obligations to include larger broker-dealers and broadens the scope of covered orders to encompass pre-opening, post-closing, and stop orders. Additionally, the amendments require more granular data on fractional shares, odd-lots, and non-marketable limit orders, while mandating millisecond-precision timestamps and summary reports to enhance public accessibility.
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