The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS

The Securities and Exchange Commission is proposing amendments to Regulation NMS under the Securities Exchange Act of 1934. Rule 611 of Regulation NMS contains the trade-through prohibition for national market system stocks. Rule 610(e) of Regulation NMS contains restrictions on locking and crossing quotations in national market system stocks. The proposed amendments would rescind Rules 611 and 610(e) of Regulation NMS, rescind related defined terms in Rule 600 of Regulation NMS, and make conforming changes to other related provisions.