Regulatory Alerts2023-01-03 | 2022-27617Added
Order Competition Rule
The Securities and Exchange Commission proposes a new regulation to require that certain individual investor orders be exposed to competition in open auctions before being internally executed by restricted trading centers. This rule aims to eliminate the competitive shortfall caused by the current isolation of retail order flow from wholesale internalization, thereby promoting better prices for investors. The proposal also establishes specific definitions and limited exceptions for segmented orders while mandating conforming amendments to existing National Market System regulations.
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