Tags: Rule 606

Order Routing Disclosures

The Security Traders Association (“STA”) appreciates the opportunity to offer comments on the Securities and Exchange Commission (“Commission” or “SEC”) proposed rule on Disclosure of Order Handling Information; File No. S7-14-16 (the “Proposal”). The Proposal seeks to amend Rules 600 and 606 of Regulation National Market System (“Regulation NMS”) under the Securities Exchange Act of 1934 (“Exchange Act”) to require new and additional disclosures by broker-dealers to retail and institutional customers about the routing of their orders. The Proposal would require broker dealers to disclose routing and execution information upon request from its customers and to also make certain reports publically available. In addition to representing the interests of our members on matters relating to the Proposal, STA is also a member of the Financial Information Forum (“FIF”) Rule 605/Rule 606 Working Group and supports many of the recommendations found in their letter.

Read full comment letter (PDF) >

SEC Proposed Amendments on Order Routing Disclosures Part II – RETAIL

At a July 13, open meeting the Securities and Exchange Commission (SEC) voted unanimously “to propose amendments to Rules 600 and 606 of Regulation NMS to require new disclosures by broker-dealers to institutional customers about the routing and execution of their orders, and to propose targeted enhancements to current order routing disclosures for retail customers”.

Presenter:

David Weisberger
Managing Director
Global Head of Trading Analytics Products
IHS Markit

CALL NOTES

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STA Open Call Notes are free for members.
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SEC Order Handling Disclosure Proposal – Part I – Overview

STA has made multiple trips to Washington DC over the summer using two (2) sets of Talking Points:
-Talking Points July 13, 2016
-Talking Points June 15, 2016

Approval of Lisa Fairfax (Democrat) & Hester Peirce (Republican) for the open SEC Commissioner positions is unlikely to happen in 2016. While both candidates passed the Senate Banking Subcommittee, they have yet to receive approval from the entire U.S. Senate. This is the result of a backlog in government appointments and a few vocal Senators who object to the candidates.

Presenter:

Manisha Kimmel
Chief Regulatory Officer
Thomson Reuters

CALL NOTES

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STA Open Call Notes are free for members.
Not a member?
Please consider a $10 donation to the STA Foundation here>