The Securities and Exchange Commission (SEC) announced changes to market structure to enhance and modernize the existing national market system (NMS) rules adopted under Section 11A of the Securities Exchange Act of 1934. View the final Rules.
Trading system technical specifications were published for trading centers that intend to utilize trade-through protection under Rule 611 during the Pilot Stocks Phase (July 9 – August 20, 2007) and the All Stocks Phase (August 20 – October 8, 2007).
March 5, 2007
Full operation of trading centers that intend to utilize trade-through protection under Rule 611 during the Pilot Stocks Phase (July 9 – August 20, 2007) and the All Stocks Phase (August 20 – October 8, 2007).
July 9, 2007
Start of full industry compliance with Rules 610 and 611 beginning with 250 National Market System (NMS) stocks (100 New York Stock Exchange stocks, 100 NASDAQ stocks and 50 American Stock Exchange stocks).
August 20, 2007
Start of full industry compliance with Rules 610 and 611 for remaining NMS stocks.
October 8, 2007
Completion of phased-in compliance for Rules 610 and 611.
NASDAQ's Reg NMS Complaince Tool
NASDAQ offers a a real-time surveillance alert and report module to assist firms with their Reg NMS compliance. This new service, Reg Recon, available as an add-on to the NASDAQ Workstation and Weblink ACT 2.0.
Reg Recon provides real-time alerts that notify firms when there are potiential FINRA/NASDAQ Trade Reporting Facility (TRF) trade-throughs, when NASDAQ has declared Self Help against another market*, as well as several other alerts.
SEC Responses to Frequently Asked Questions Concerning Rule 612 (Minimum Pricing Increment) of Regulation NMS
Hot Topics and News
RA #2007-070 - Reminder: Regulation NMS Pilot Effective July 9, 2007; NASDAQ List Available
TU #2007-024 - NASDAQ Provides Guidance on Using the ACT System
TU #2007-022 - Order-Entry Specifications Updated to Support Regulation NMS Changes
HTA #2007-136 - NASDAQ To Offer New Regulation NMS Compliance Tool
HTA #2007-083 - NASDAQ to Change Processing for Non-Routable Orders
HTA #2007-055 - NASDAQ to Begin Trading NYSE- and Amex-Listed Issues in Sub-Pennies, Effective Monday, March 12, 2007
TU #2007-001 - Trade Reporting Specifications Updated to Support Regulation NMS Changes
Contact Information
To invoke the Self-Help exception against NASDAQ, please send an email to selfhelp@nasdaq.com.
To learn more about NASDAQ or Regulation NMS, please contact NASDAQ Market Sales at 800.846.0477.
For questions on trade reporting or revenue sharing, please contact Donald Bollerman
* Notice of NASDAQ’s declaration of Self Help is provided for informational purposes only and is not intended to relieve firms of their obligations to conduct independent self-help analysis and to adopt policies and procedures designed to achieve compliance with those obligations.
