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Regulation National Market System (or Reg NMS) is a 2005 US financial regulation promulgated and described by the Securities and Exchange Commission (SEC) as "a series of initiatives designed to modernize and strengthen the National Market System for equity securities".
In 2005, the rules promoting the National Market System were updated and consolidated into Regulation NMS. [5] [2] The primary self-regulatory organization regulating member brokerage firms and exchange markets until 2007 was the National Association of Securities Dealers (NASD).
The SIPs only publish quotes protected under Regulation NMS, meaning only round lots of 100 shares or more are included. From around 2015, odd lots of fewer than 100 shares began to account for a growing proportion of all exchange trades because of retail interest, reaching a record of nearly 50% of all trading volume by 2019. [ 20 ]
While Reg NMS boosted competition among exchanges, that competition has had a mixed effect for consumers of those exchanges. It has lowered trading costs and accelerated trade execution down to a ...
A few years later, Regulation National Market System (aka Reg NMS) set down a framework for an integrated nationwide market system and flung the doors open for increased competition. As with any ...
The law also empowered the Securities and Exchange Commission (SEC) to establish a national market system and a system for nationwide clearance and settlement of securities transactions, enabling the SEC to enact Regulation NMS, and created the Municipal Securities Rulemaking Board (MSRB), a self-regulatory organization that writes investor ...
FINRA's Addressing of Regulation Best Interest (Reg BI) One area in which the report goes into detail is Reg BI, which requires that broker-dealers act in the best interest of their clients .
Regulation NMS [6] The OPRA MPS data rates are more than 60 times those seen in the equities market, [3] and options data represents well over 75% of all market data. [2]