SEC Announces Public Roundtable on Rule 611 of Regulation NMS

USA: SEC Schedules Public Roundtable on Rule 611 of Regulation NMS

The U.S. Securities and Exchange Commission disclosed that a roundtable will be convened on Dec. 16, 2025 to examine Rule 611 of Regulation NMS and related market‑structure provisions. The meeting, slated for 9 a.m. to 1 p.m. Central Time, will take place at the University of Austin’s Scarbrough Building in Austin, Texas, and will also be streamed live on the SEC’s website.

Event Access and Registration

Attendees wishing to join in person must register by Dec. 15, 2025, and will undergo security screening upon arrival. No registration is required for online viewers; a webcast link will be posted on the SEC’s site on the day of the event, with a recording to follow.

Panel One: Potential Changes to Rule 610

The first discussion will explore possible amendments to Rule 610 should the trade‑through prohibitions of Rule 611 be altered. Topics include fair‑access provisions, access‑fee caps, and the ban on locked and crossed markets. Moderators Jamie Selway, Jon Kroeper, and Kelly Riley will lead a panel featuring Dmitry Bulkin (Bernstein), Mehmet Kinak (T. Rowe Price), John Ramsay (Investors Exchange), Brett Redfearn (Panorama Financial Markets Advisory), Oliver Sung (Cboe Global Markets) and Kevin Tyrrell (New York Stock Exchange).

Panel Two: Rule 600 and Market Data

The second session will assess needed revisions to Rule 600 definitions and the impact on market data if Rule 611’s trade‑through rules are modified. Discussion points cover term amendments, effects on the national best bid and offer, and incentives tied to the market‑data revenue formula. Jamie Selway, Jon Kroeper and Peggy Sullivan will moderate, with panelists Valerie Bogard (Rosenblatt Securities), Jeff Brown (Texas Stock Exchange), Bill Harts (Long‑Term Stock Exchange), Jaime Llano (Teacher Retirement System of Texas), Chuck Mack (Nasdaq) and Jeff Starr (Schwab).

Panel Three: Best‑Execution Guidance

The final panel will consider enhanced best‑execution guidance for broker‑dealers in the event of Rule 611 changes, including possible adjustments to access‑fee caps. Moderators Jamie Selway, Jon Kroeper and David Dimitrious will oversee contributions from David Brooks (The London Company), Calvin Hayes (Jane Street), Anna Kurzrok (Jefferies), Chris Nagy (Healthy Markets), Racquel Russell (FINRA) and Jamie Schriber (Goldman).

Context and Outlook

The roundtable reflects the SEC’s broader effort to modernize market‑structure rules amid evolving trading technologies and liquidity considerations. Stakeholders anticipate that the dialogue may shape forthcoming rule proposals and guidance.

Public Availability

Following the event, the SEC will post a recording on its website, ensuring continued access for market participants and the public.

This report is based on information from U.S. Securities and Exchange Commission, licensed under Public Domain (U.S. Government Work). Source: Official U.S. Government release.