SEC Proposes Repealing Rule 611 and Rule 610(e) of Regulation NMS
The Securities and Exchange Commission proposed on June 11, 2026, to rescind Rule 611 and Rule 610(e) of Regulation NMS, which govern trade-through protections and locking/crossing quotations in equity markets. Rule 611, in place for roughly two decades, requires trades to be executed at the best available price across exchanges. The proposal could reshape equity market structure and has implications for emerging areas such as tokenized stocks.
The SEC formally proposed rescinding Rule 611 and Rule 610(e) of Regulation NMS, along with related defined terms and conforming changes to other provisions. Rule 611, often called the 'order protection rule,' has required that trades in national market system stocks not be executed at prices inferior to displayed quotes on other exchanges — a safeguard introduced to prevent 'trade-throughs.' SEC Chairman Paul Atkins framed the move as a correction of unintended consequences that have complicated market structure over the past two decades, arguing the rules have hindered rather than enhanced long-term market growth. The proposal aims to reduce costs for market participants and allow competitive and innovative forces, including potentially new trading technologies, to shape equity markets going forward. Yahoo Finance noted the proposal's relevance to tokenized stocks, suggesting the rule change could open new pathways for digital asset-based equity instruments. A 60-day public comment period will follow the release's publication in the Federal Register before any final action is taken.
What's missing
Neither source details the specific empirical evidence or economic analysis underpinning the claim that Rule 611 has 'hindered' market growth, nor do they describe what investor protection mechanisms, if any, would replace the trade-through prohibition if the rule is rescinded.
How coverage differed
The SEC press release presented the proposal in straightforward regulatory language, emphasizing Chairman Atkins' framing around simplification and correcting past mistakes. Yahoo Finance contextualized the same proposal through the lens of tokenized stocks and digital asset markets, highlighting forward-looking implications that the official release did not address.
What different sources said
- SEC.govCenter
SEC Proposes Rescission of Regulation NMS Rules 611 and 610(e)
- Yahoo FinanceCenter
SEC Moves to Scrap Rule 611: Here’s What It Means for Tokenized Stocks
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