On May 6th, the SEC released an order that directs the equity exchanges and participants of the Financial Industry Regulatory Authority (FINRA) to submit a new National Market System (NMS) plan. This plan should include a modernized governance structure for the production of public consolidated equity market data and the dissemination of trade and quote data from trading venues. The order follows a Notice of Proposed Order issued on January 8, 2020. Under the new order, the participants must submit a new NMS plan, which will then be published for public notice and comment before the SEC takes action to approve it. The SEC has also approved amendments to the existing NMS plans, which were submitted by the participants and modified by the SEC. These amendments are designed to address conflicts of interest and the protection of confidential information.
Continue reading "SEC Directs Equity Exchanges and FINRA to..." »