BROKER-DEALER -

SEC Adopts Rules to Modernize Infrastructure for NMS Market Data -

On December 9, the Securities and Exchange Commission adopted final rules that aim to modernize the infrastructure related to the collection, consolidation, and dissemination of market data for exchange-listed national market system stocks (referred to “NMS market data”). These final rules update and expand the content of NMS market data (for example, by adding new data fields and defining existing fields with more granularity) and revise the method by which NMS market data are consolidated and disseminated to make the process more competitive and decentralized. The final rules represent a significant step forward in updating the NMS market data system to keep up with modern market developments, as the rules governing the content of, and the process for sending out, NMS market data has not been materially updated since its implementation in the late 1970s.