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U.S. Securities and Exchange Commission

Division of Market Regulation Publishes Responses to Frequently Asked Questions Concerning Rule 611 and Rule 610 of Regulation NMS


Washington, D.C., Jan. 27, 2006 - The staff of the Division of Market Regulation today published responses to frequently asked questions concerning Rule 611 and Rule 610 of Regulation NMS. Regulation NMS was adopted by the Commission on April 6, 2005, and is a series of initiatives designed to modernize and strengthen the national market system for equity securities.

Rule 611 provides intermarket price priority for displayed and accessible quotations while Rule 610 addresses access to markets. The responses jointly address Rule 611 and Rule 610 because the price priority and access issues arising under the two rules often are intertwined.

Responses to these frequently asked questions were prepared by and represent the views of the staff. They are not rules, regulations, or statements of the Commission. Further, the Commission has neither approved nor disapproved of these interpretive answers.

The responses are available on the Commission's web site at www.sec.gov/spotlight/regnms.htm.

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Modified: 01/27/2006