February 03, 2005

A synopsis of the 371-page SEC document outlining the Regulation National Market System proposal

To download the Reg NMS cheat sheet as a PDF, click here.

Why a Cheat Sheet?

In mid-December, the Securities and Exchange Commission published its proposal to overhaul the structure of the national markets. This 371-page document hit securities and investment firms' desks with a loud thud. As a result, Wall Street & Technology has boiled down the lofty document, with one-page summaries of each of its four components. The goal is to provide you with the essence of the rules and their impact on the sell side, the buy side, the exchanges and electronic communications networks (ECNs) in a simplified and manageable format. The SEC is expected to vote on the proposal in the first quarter of 2005.

The full document can be viewed at www.sec.gov/rules/proposed/34-50870.pdf


Introduction
Trade-Through Rule
Access Rule
Sub-Penny Pricing
Market Data Rules and Plans