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Regulation NMS
Overview
The Securities and Exchange Commission (SEC) introduced changes to market structure, called Regulation NMS, 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.
Timing
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October 16, 2006 | 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). |
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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). |
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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). |
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August 20, 2007 | Start of full industry compliance with Rules 610 and 611 for remaining NMS stocks. |
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October 8, 2007 | Completion of phased-in compliance for Rules 610 and 611. |
FINRA®, Trade Reporting Facility® and TRF® are trademarks of Financial Industry Regulatory Authority, Inc.
Reg NMS Resources
Frequently Asked Questions
- Nasdaq's Frequently Asked Questions on Reg NMS (PDF)
- SEC Responses to Frequently Asked Questions on Rules 610 and 611
- SEC Responses to Frequently Asked Questions Concerning Rule 612 (Minimum Pricing Increment) of Regulation NMS
Technical Support
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 +1 800 846 0477.
- For questions on trade reporting or revenue sharing, please contact Nasdaq Market Operations at +1 212 231 5100.
