Statement Summary
The SEC will hold a public roundtable on Dec. 16, 2025, at the University of Austin to discuss Rule 611 of Regulation NMS and related rules. The event, open to in-person and online attendees, will start with remarks from SEC leadership, followed by three panels focusing on potential changes to Rule 610, Rule 600, and impacts on best execution. Key topics include modifications to trade-through prohibitions, implications for market data definitions, and guidance for broker-dealers’ best execution obligations. Registration is required for in-person attendance, while online viewing will be accessible without registration. The discussions aim to evaluate necessary regulatory adjustments in light of evolving market conditions.
Original Statement
The Securities and Exchange Commission today announced the agenda and panelists for its Dec. 16, 2025, roundtable on Rule 611 of Regulation NMS and other associated rules and regulatory requirements. The roundtable will be held at the University of Austin’s campus at the Scarbrough Building, located at 522 Congress Avenue, Austin, Texas, from 9 a.m. to 1 p.m. CT. The event will be open to the public and webcast live on the SEC’s website. Doors will open at 8 a.m. CT.
For in-person attendance, attendees must register by Monday, Dec. 15, 2025. Visitors will be subject to security checks. For online attendance, registration is not necessary; a link to watch the event will be available on Dec. 16 at www.sec.gov, and a recording will be available at a later date on the SEC’s website.
Agenda
- 8 a.m. – Doors Open
- 9 a.m. – Remarks – SEC Chairman Paul Atkins, SEC Commissioner Hester Peirce, SEC Commissioner Caroline Crenshaw, SEC Commissioner Mark Uyeda, and Jamie Selway, Director, SEC’s Division of Trading and Markets
- 9:30 a.m. – Panel One – Potential Changes to Rule 610 of Regulation NMS
- 10:30 a.m. – Break
- 10:45 a.m. – Panel Two – Potential Changes to Rule 600 of Regulation NMS and Market Data
- 11:45 a.m. – Break
- 12 p.m. – Panel Three – Impacts on Best Execution
- 1 p.m. – Concluding Remarks
Panel Details
Panel One will focus on potential modifications to Rule 610 if the trade-through prohibitions of Rule 611 are modified or rescinded. Areas for discussion will include:
- The fair access provisions contained in Rule 610(a) and (b)
- The access fee caps contained in Rule 610(c)
- The prohibition on locked and crossed markets contained in Rule 610(e)
Moderators: Jamie Selway, Director; Jon Kroeper, Deputy Director; Kelly Riley, Senior Special Counsel, SEC’s Division of Trading and Markets
Panel Two will focus on necessary changes to the definitions contained in Rule 600 of Regulation NMS as well as the impact on market data if the trade-through prohibitions of Rule 611 are modified or rescinded. Areas for discussion will include:
- Which, if any, defined terms in Rule 600 would require amendment or removal
- The effect of potential changes on the national best bid and national best offer
- The incentives associated with the market data formula for revenue allocation from the consolidated market data plans
Moderators: Jamie Selway, Director; Jon Kroeper, Deputy Director; Peggy Sullivan, Senior Policy Advisor, SEC’s Division of Trading and Markets
Panel Three will focus on potential enhanced best execution guidance if the trade-through prohibitions of Rule 611 are modified or rescinded. Areas for discussion will include:
- Additional guidance necessary to assist broker-dealers in fulfilling their best execution obligations if Rule 611 is modified or rescinded
- If other rules (such as the access fee caps in Rule 610(c)) are amended
Moderators: Jamie Selway, Director; Jon Kroeper, Deputy Director; David Dimitrious, Senior Special Counsel, SEC’s Division of Trading and Markets
