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  • Keeping Up With The Markets: Statement On Rule 605 Adoption, SEC Commissioner Hester M. Peirce, March 6, 2024

    Date 06/03/2024

    Thank you, Mr. Chair. On balance, the Rule 605 amendments we are voting on today are positive. Over the past quarter-century since Rule 605 first mandated the disclosure of certain order-related information, our markets have changed dramatically. Decimalization, the adoption and implementation of Regulation NMS, the increased speed at which orders are communicated and transactions are executed: All of these have combined to refashion the market in ways very different from the market of Y2K.

  • Statement On Rule Amendments Regarding Disclosure Of Order Execution Information,SEC Commissioner Mark T. Uyeda, March 6, 2024

    Date 06/03/2024

    Thank you, Chair Gensler. Today, the Commission considers amending the disclosure requirements for order executions in national market system (NMS) stocks.[1] These amendments to Rule 605 will expand the scope of reporting entities to include “larger” broker-dealers and modify the definition of a “covered” order. The Commission’s work reflects a careful consideration of the constructive comments received. These updates can enhance competition among service providers by giving investors better information regarding order execution.

  • Enhancing And Standardizing Climate-Related Disclosures For Investors, SEC Commissioner Jaime Lizárraga, March 6, 2024

    Date 06/03/2024

    Over the last nine decades, the Commission, pursuant to authority granted by Congress, has amended its disclosure requirements on dozens of occasions. Commissions from both political parties have modernized existing rules, or adopted new ones, to adapt to changing market conditions and to meet investor demand for improved disclosure of material information. In the process, the Commission has done what it does best: protect investors by empowering them to make informed investment and voting decisions.

  • Enhancing Order Execution Reporting For The Benefit Of Investors, SEC Commissioner Jaime Lizárraga, March 6, 2024

    Date 06/03/2024

    Since the Commission’s original adoption of Rule 605 nearly a quarter century ago, the size, structure, and trading speed of our markets have all changed significantly. Although the rule has worked well since then, the information on execution quality included in current Rule 605 reports is less useful in meeting the modern needs of market participants and investors. The current scope and content of Rule 605 reports have fallen behind technological and market developments, such as increased retail participation, trading of fractional shares, and off-exchange trading.

  • Statement On Adoption Of Amendments To Rule 605: Disclosure Of Order Execution Information, SEC Commissioner Caroline A. Crenshaw, March 6, 2024

    Date 06/03/2024

    Before Rule 605 was adopted, there was little publicly available information that investors could use to compare and evaluate execution quality among different market centers. Retail investors were not in a position to make informed decisions based on important measures of execution quality such as effective spreads and price improvements. Instead, these investors were left to choose among broker-dealers that ostensibly offered the lowest commission and “fast” executions. However, there was no straightforward way for investors to compare execution quality across broker-dealers or market centers when evaluating these claims. As a result, neither market centers such as exchanges and certain market makers, nor broker-dealers had a strong incentive to compete on their ability to obtain the best prices for investor orders.

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