SEC’s Market Data Infrastructure Rule Not Easily Said or Done

The finalized equities market infrastructure reforms will make a difference, but some market participants are calling for additional clarity.


The market data infrastructure rule finalized by US regulators this month will bring major changes to the National Market System if it is adopted—but many of the important details of how it will work have yet to be made clear, say industry experts and observers.

The Securities and Exchange Commission (SEC) finalized amendments to Regulation National Market System (Reg NMS) that it hopes will modernize the system that currently sees the Securities Information Processors (SIPs) filter and

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