On December 14 the SEC unveiled its biggest proposed reforms to the U.S. equity markets since Reg NMS was instituted in 2005. In its 6-hour Open Meeting the SEC’s Chairman Gary Gensler and Commissioners voted on four proposals which addressed a range of issues such as: Rule 605; tick sizes, access fees, price transparency, order by order competition achieved through retail auctions and an SEC Best Execution Rule. While these proposals are introduced as four separate rule filings, they are interconnected which will make it difficult on the industry to formulate opinions and to provide input.

This Open Call focuses on the proposal that is titled: Disclosure of Order Execution Information, aka Rule 605 and how it interacts with one of the SEC’s other proposals introduced on December 14: Regulation Best Execution.

Presenter:

Mark Davies

Co-Founder & CEO

S3

Open Call Index

Opening Remarks: 00:00

Q#1: How are these proposal interconnected 05:15

Q#2: Proposed Changes to Rule 605 06:50

Q#3: New Reporting Categories 14:15

Q#4: Auction Mechanisms 18:35

Q#5: Options 22:05