Spotlight On:
Regulation NMS

• Joint Proposal by the BATS Exchange, NASDAQ OMX, NYSE Euronext, and Direct Edge for a Pilot Program to introduce finer tick increments in securities trading at prices up to $20 (April 30, 2010)
   
• Responses to Frequently Asked Questions Concerning Rule 611 and Rule 610 of Regulation NMS (April 4, 2008)
   
• Request for Exemptions under Rule 608(e) of Regulation NMS under the Securities Exchange Act of 1934 from Certain Provisions of the Intermarket Trading System Plan (from New York Stock Exchange LLC; January 26, 2007)
   
• Request for an extension of the implementation date of SEC Regulation NMS Trading Phase, targeted for February 5, 2007 (from New York Stock Exchange LLC; January 8, 2007)
   
• Responses to Frequently Asked Questions Concerning Rule 612 (Minimum Pricing Increment) of Regulation NMS (October 21, 2005)

SEC Releases

• Order Exempting Non-Convertible Preferred Securities from Rule 611(a) of Regulation NMS under the Securities Exchange Act of 1934 (Rel. No. 34-57621, April 4, 2008)
   
• Order Modifying the Exemption for Qualified Contingent Trades from Rule 611(a) of Regulation NMS under the Securities Exchange Act of 1934 (Rel. No. 34-57620, April 4, 2008)
   
• Order Exempting Certain Error Correction Transactions from Rule 611 of Regulation NMS under the Securities Exchange Act of 1934 (Rel. No. 34-55884, June 8, 2007)
   
• Order Exempting Certain Print Protection Transactions from Rule 611 of Regulation NMS under the Securities Exchange Act of 1934 (Rel. No. 34-55883, June 8, 2007)
   
• Regulation NMS: Extension of Compliance Dates (Final Rule Release No. 34-55160; January 24, 2007)
   
• Order Granting National Securities Exchanges a Limited Exemption from Rule 612 of Regulation NMS under the Securities Exchange Act of 1934 to Permit Acceptance by Exchanges of Certain Sub-Penny Orders (Rel. No. 34-54714, November 6, 2006)
   
• Order Exempting Certain Sub-Penny Trade-Throughs from Rule 611 of Regulation NMS under the Securities Exchange Act of 1934 (Rel. No. 34-54678, Oct. 31, 2006)
   
• Order Granting an Exemption for Qualified Contingent Trades from Rule 611(a) of Regulation NMS under the Securities Exchange Act of 1934 (Rel. No. 34-54389, Aug. 31, 2006)
   
• Limited Exemption from Rule 602 of Regulation NMS (July 28, 2006)
  See also: PDF version
   
• SEC Extends Compliance Dates for Regulation NMS (Press Release 2006-77; May 18, 2006)
   
• Regulation NMS: Extension of Compliance Dates (Final Rule Release No. 34-53829; May 18, 2006)
   
• Order Granting Exemption from Compliance with Amendment to Joint Industry Plans for Disseminating Market Information (Release No. 34-53828; May 18, 2006)
   
• Regulation NMS (Final Rule Release No. 34-51808; June 9, 2005); see also Dissent of Commissioners Cynthia A. Glassman and Paul S. Atkins
   
• Regulation NMS (Proposing Release No. 34-50870; December 16, 2004)
   
• Regulation NMS: Extension of Comment Period and Supplemental Request for Comments (Proposing Release No. 34-49749; May 20, 2004)
   
• SEC Announces Agenda for Public Hearing on Proposed Regulation NMS, April 21, 2004, 9:00 a.m. – 5:30 p.m. (Press Release 2004-52; April 15, 2004)
   
• Notice of Change in Hearing Schedule (Release No. 34-49511; March 31, 2004)
   
• SEC Announces Regulation NMS Public Hearings Schedule Change (Press Release 2004-43; March 30, 2004)
   
• Notice of Hearings (Release No. 34-49408; March 12, 2004)
   
• Public Hearings on Regulation NMS to be Held on April 1 and 21, 2004 (Press Release 2004-32; March 12, 2004)
   
• Regulation NMS (Proposing Release No. 34-49325; February 26, 2004)
   
• SEC to Publish Regulation NMS for Public Comment (Press Release 2004-22; Feb. 24, 2004)
   

Staff Studies

• Analysis of Rule 11Ac1-5 Statistics for Nasdaq-100 Index, dated April 6, 2005 (File name: nasdaq100study.pdf)
   
• Supplemental Trade-through Analysis (Reserve Size Analysis Sample Day Activity Analysis Analysis of Quote Depth), dated April 6, 2005 (File name: reservesize040605.pdf)
   
• Supplemental Analysis of Volatility for Stocks Switching from Nasdaq to NYSE, dated April 6, 2005 (File name: volatility040605.pdf)
   
• Analysis of Volatility for Stocks Switching from Nasdaq to NYSE , dated December 15, 2004 (File name: volatility121504.pdf)
   
• Sub-penny Trading Cost and Sub-penny Clustering, dated December 15, 2004 (File name: subpenny121504.pdf)
   
• Analysis of Trade-throughs in Nasdaq and NYSE Issues, dated December 15, 2004 (File name: analysis121504.pdf)
   
• Comparative analysis of execution quality on NYSE and NASDAQ based on a matched sample of stocks, dated December 15, 2004 (File name: companalysis121504.pdf)
   
• Memorandum from the Division of Market Regulation regarding Comparative Analysis of Rule 11Ac1-5 Statistics by S&P Index, dated December 15, 2004 (File name: mrmemo121504.pdf)
   
• Memorandum from Office of Economic Analysis regarding Description of October 2003 Analysis of Subpenny Trade Patterns, dated February 24, 2004 (File name: s71004-11.pdf)
   
• Memorandum from Office of Economic Analysis regarding an analysis conducted by OEA in October 2002 of QQQ trading before and after the de minimis exemption, dated February 24, 2004 (File name: oeamemo022404.pdf)
   

Testimony and Requests to Testify

• American Stock Exchange
    Testimony, March 26, 2004
    Request to Testify, March 22, 2004
   
• Ameritrade Holding Corporation
    Testimony, March 26, 2004
    Request to Testify, March 22, 2004
    Formal testimony / opening statment, April 21, 2004
   
• Alistair Brown, Managing Director, Lime Brokerage LLC
    Testimony, March 25, 2004
    Request to Testify, March 22, 2004
   
• Bloomberg Tradebook LLC
    Testimony, April 12, 2004
    Request to Testify, March 26, 2004
   
• William J. Brodsky, Chairman & Chief Executive Officer, Chicago Board Options Exchange
    Testimony, April 12, 2004
    Request to Testify, April 8, 2004
   
• Brut, LLC
    Testimony, March 25, 2004
    Request to Testify, March 12, 2004
    Formal testimony / opening statement, April 21, 2004
   
• Chicago Stock Exchange, Incorporated
    Testimony, March 26, 2004
    Request to Testify, March 19, 2004
   
• David Colker, CEO and President, National Stock Exchange
    Testimony, March 26, 2004
    Request to Testify, March 19, 2004
    Formal testimony / opening statement, April 21, 2004
   
• Kevin Cronin, Director of Equity Trading, AIM Investments
    Request to Testify and Testimony, April 14, 2004
    Formal testimony / opening statement, April 21, 2004
   
• Scott DeSano, Fidelity Investments
    Testimony, April 9, 2004
    Request to Testify, March 22, 2004
   
• Robert B. Fagenson, Vice Chairman, Van Der Moolen Specialists USA, Inc.
    Testimony, March 26, 2004
    Request to Testify, March 19, 2004
   
• Financial Information Forum
    Testimony, March 26, 2004
    Request to Testify, March 22, 2004
   
• Financial Services Roundtable
    Testimony, March 25, 2004
    Request to Testify, March 19, 2004
    Formal testimony / opening statement, April 21, 2004
   
• Paul Finkelstein, President and CEO, Regis Corporation
    Testimony, March 26, 2004
    Request to Testify, March 19, 2004
   
• Goldman, Sachs & Co.
    Request to Testify, April 15, 2004
    Formal testimony / opening statement, April 21, 2004
   
• Interactive Brokers Group
    Testimony, March 25, 2004
    Request to Testify, March 26 (revised), 2004
    Formal testimony / opening statement, April 21, 2004
   
• Investment Company Institute
    Testimony, April 12, 2004
    Request to Testify, March 17, 2004
    Formal testimony / opening statement, April 21, 2004
   
• Thomas Joyce, CEO and President, Knight Trading Group, Inc.
    Request to Testify, March 22, 2004
    Formal testimony / opening statement, April 21, 2004
   
• Michael LaBranche, LaBranche & Co., Inc.
    Testimony, March 26, 2004
    Request to Testify, March 18, 2004
   
• Linda Lerner, General Counsel, Domestic Securities, Inc.,
    Testimony, March 26, 2004
    Request to Testify, March 17, 2004
   
• Liquidnet Holdings, Inc.
    Testimony, March 26, 2004
    Request to Testify, March 22, 2004
   
• Dr. J. P. London, Chairman, President, and CEO, CACI International Inc.
    Testimony, March 26, 2004
    Request to Testify, March 22, 2004
   
• Bernard L. Madoff, Bernard L. Madoff Investment Securities LLC
    Testimony, April 19, 2004
    Request to Testify, April 8, 2004
   
• James MaGuire
    Request to Testify and Testimony, April 8, 2004
   
• John Martello, Managing Director, Tower Research Capital LLC
    Testimony, March 26, 2004
    Request to Testify, March 18, 2004
   
• Daniel McCabe, CEO, Bear Hunter Structured Products, LLC
    Testimony, March 25, 2004
    Request to Testify, March 22, 2004
   
• Jeffrey L. McWaters, Chairman and CEO, Amerigroup Corporation
    Testimony, March 26, 2004
    Request to Testify, March 19, 2004
   
• Morgan Stanley
    Request to Testify, April 8, 2004
    Formal testimony / opening statement, April 21, 2004
   
• Nasdaq Stock Market, Inc.
    Testimony, April 9, 2004
    Request to Testify, March 16, 2004
   
• New York Stock Exchange
    Testimony, March 26, 2004
    Request to Testify, March 22, 2004
   
• Edward J. Nicoll, CEO, Instinet Group, LLC
    Testimony, March 25, 2004
    Request to Testify, March 19, 2004
    Formal testimony / opening statement, April 21, 2004
   
• Junius W. Peake, Monfort Distinguished Professor of Finance, Kenneth W. Monfort College of Business, University of Northern Colorado
    Testimony and Request to Testify, March 15, 2004
   
• Philadelphia Stock Exchange
    Testimony, March 26, 2004
    Request to Testify, March 19, 2004
   
• Reuters America Inc.
    Testimony, March 26, 2004
    Request to Testify, March 19, 2004
   
• Richard Roberts
    Request to Testify, April 26, 2004
   
• Charles Schwab and Co.
    Testimony, March 26, 2004
    Request to Testify, March 19, 2004
    Formal testimony / opening statement, April 21, 2004
   
• Securities Industry Association
    Testimony, March 26, 2004
    Request to Testify, March 19, 2004
   
• Security Traders Association
    Request to Testify and Testimony, March 22, 2004
   
• Robert W. Seijas
    Testimony, March 26, 2004
    Request to Testify, March 22, 2004
   
• Kurt P. Stocker
    Testimony, March 26, 2004
    Request to Testify, March 22, 2004
   
• Value Improvement Associates
    Testimony, March 26, 2004
    Request to Testify, March 22, 2004
   
• Vanguard Group
    Request to Testify, April 12, 2004
    Formal testimony / opening statement, April 21, 2004
   
• Daniel G. Weaver, Ph.D., Associate Professor of Finance, Rutgers University
    Testimony, March 26, 2004
    Request to Testify, March 22, 2004
   
• Donald E. Weeden, Weeden & Co., L.P.
    Testimony, April 7, 2004
    Request to Testify, April 7, 2004
   
• Jack N. Wilentz
    Testimony, April 2, 2004
    Request to Testify, April 2, 2004
   
• Jennifer Williams, The Griswold Company
    Testimony, March 26, 2004
    Request to Testify, March 18, 2004
   

April 21, 2004, Public Hearing

• April 21 Hearing Transcript
   
• April 21 Hearing Webcast Information and Link
   
• Chairman William H. Donaldson's Opening Remarks at the April 21 Hearing on Regulation NMS
   

http://www.sec.gov/spotlight/regnms.htm