The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Regulation: Has anyone seen Reg NMS?

Delay could mean SEC is reconsidering terms

Why is the SEC taking so long to release the final version of its controversial Reg NMS? The regulation, which promises the most radical shake-up of the US cash equities market structure since 1997, was narrowly approved by three votes to two on April 6. The SEC had previously said that the final version would be published within two weeks. It typically takes between just two and four weeks for final versions to be published once approved, but six weeks later, as Euromoney went to press, the securities industry is still anxiously waiting.

Behind the scenes at the Baruch College Nasdaq conference in New York on May 3, speculation was rife that the delay might be because the SEC had spotted significant contradictions in the rule as it stood that could cause confusion.

"The problem is they can't just change it because it would need to go out for consultation again," explains an industry source who claims inside knowledge.

A number of analysts agree that the current rule leaves much unclear and that there might be contradictions.

"There is an apparent contradiction between best-execution requirements and Reg NMS's order protection rule," says Jodi Burns, an analyst at financial services technology consultancy Celent.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree