SEC Issues Proposal on Order Competition

The SEC has issued a proposed rule that would “require certain orders of individual investors to be exposed to competition in fair and open auctions before such orders could be executed internally by any trading center that restricts order-by-order competition.”

Comments on the proposed rule are due 60 days after the date of its publication in the Federal Register or March 31, 2023, whichever is later.

For more information, see the press release and fact sheet, as well as statements by SEC Chair Gary Gensler and Commissioners Caroline Crenshaw, Jaime Lizárraga, Hester Peirce, and Mark Uyeda, on the SEC’s Web site.