The Securities Industry and Financial Markets Association (SIFMA) today announced that the first day of Regulation NMS implementation had launched without any major problems for firms or the markets.
“The industry, the SEC and the exchanges have all worked extremely hard to ensure a smooth launch.” says Ira Hammerman, SIFMA’s general counsel and senior managing director, “We can happily report that through the first day of trading, we did not experience any major disruptions or problems”
July 9th marked the start of full industry compliance with Rules 610 and 611 beginning with approximately 250 National Market System (NMS) stocks from the New York Stock Exchange, NASDAQ and the American Stock Exchange.
Rule 611, the order protection rule and popularly known as the trade-through rule, requires market centers to route orders they receive to other markets that have better prices available under certain circumstances. Rule 610, the “fair access rule” mandates linkages between the markets that enable the routing of orders to other markets in compliance with Rule 611.
August 20th is the scheduled date for full implementation with all NMS stocks.