Regulatory Alerts2016-03-24 | 2016-06633Added · Updated
Notice of Proposed Commission Interpretation Regarding Automated Quotations Under Regulation NMS
The Securities and Exchange Commission proposes an interpretation of the definition of automated quotation under Rule 600(b)(3) of Regulation NMS to address concerns raised by IEX's proposed exchange design. The Commission seeks to clarify that the term 'immediate' in the context of automated quotations includes de minimis response time delays, whether intentional or not, to allow for innovative business models. This proposed interpretation aims to provide flexibility for trading centers while ensuring that such delays do not undermine the goals of the Order Protection Rule.
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