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U.S. Securities and Exchange Commission

SEC Extends Compliance Dates For Regulation NMS


Washington, D.C., Jan. 25, 2007 - The Securities and Exchange Commission has extended for a limited period of time three of the future compliance dates for Rule 610 and Rule 611 of Regulation NMS. The Commission is extending the three compliance dates to give automated trading centers additional time to complete the rollout of their new or modified trading systems. The Completion Date of Oct. 8, 2007, remains unchanged.

Rule 610 is intended to assure fair access to quotations, limit fees for accessing quotations, and require self-regulatory organizations (SROs) to prohibit their members from displaying quotations that lock or cross quotations previously displayed by other markets. Rule 611 requires trading centers to establish policies and procedures to prevent “trade-throughs” – the execution of trades at prices inferior to the best-priced quotations displayed by automated trading centers. Automated trading centers must operate trading systems that comply with the automated response and other requirements of Regulation NMS. The trading systems can be operated by an SRO or operated by a broker-dealer that displays its quotes on the NASD’s Alternative Display Facility.

The Commission has extended the Trading Phase Date until March 5, 2007 (previously Feb. 5, 2007), the Pilot Stocks Phase Date until July 9, 2007 (previously May 21, 2007), and the All Stocks Phase Date until Aug. 20, 2007 (previously July 9, 2007).

The Commission’s extension of compliance dates is available on its website at www.sec.gov/spotlight/regnms.htm.

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Modified: 01/25/2007