MAY 27·tradersmagazine.comMed
Reg NMS Reform Debate Sharpens at House Market Structure Hearing
A May 20 House Financial Services hearing debated whether the SEC’s Regulation NMS should be modernized, focusing on Rule 611’s order protection rule requiring routing to the best quoted price. Robinhood and some academics backed repeal, citing cost and fragmentation; critics including Themis Trading and Nasdaq warned removing it could weaken NBBO confidence and said reforms must be coordinated. The hearing also addressed equity tokenization and calls for Reg NMS exemptions.