TY - JOUR T1 - Regulation NMS JF - The Journal of Trading SP - 47 LP - 54 DO - 10.3905/jot.2006.609176 VL - 1 IS - 1 AU - Laura S. Pruitt AU - Howard L. Kramer Y1 - 2005/12/31 UR - https://pm-research.com/content/1/1/47.abstract N2 - This past spring, the Securities and Exchange Commission (“SEC”) adopted a comprehensive set of reforms, collectively referred to as “Regulation NMS,” that will, among other things, change how trading occurs in our national market system. The four major areas addressed in Regulation NMS are 1) trade-through protection, 2) intermarket access, 3) sub-penny pricing, and 4) market data. In this article, we have summarized the new rules relating to each of these areas and point out some of the compliance challenges facing market participants as they get ready to implement the new rules.TOPICS: Exchanges/markets/clearinghouses, financial crises and financial market history ER -