Data / Federal rules / 2024-05556

Disclosure of Order Execution Information

The Securities and Exchange Commission published this final rule in the Federal Register on April 15, 2024. It took effect on June 14, 2024.

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What the agency says

The Securities and Exchange Commission ("Commission" or "SEC") is adopting amendments to a rule under the Securities Exchange Act of 1934 ("Exchange Act") that requires disclosures for order executions in national market system ("NMS") stocks. First, the amendments expand the scope of reporting entities subject to the preexisting rule that requires market centers to make available to the public monthly execution quality reports to encompass broker-dealers with a larger number of customers. Next, the amendments modify the definition of "covered order" to include certain orders submitted outside of regular trading hours and certain orders submitted with stop prices. In addition, the amendments modify the information required to be reported under the rule, including changing how orders are categorized by order size as well as how they are categorized by order type. The amendments, as part of the changes to the order size categories, modify the rule to capture execution quality information for fractional share orders, odd-lot orders, and larger-sized orders. Additionally, the amendments modify reporting requirements for non- marketable limit orders ("NMLOs") in order to capture more relevant execution quality information for these orders by requiring statistics to be reported from the time such orders become executable. The amendments modify time-to-execution categories and require average time to execution to be measured in increments of a millisecond or finer and calculated on a share-weighted basis for all orders. The amendments require that the time of order receipt and time of order execution be measured in increments of a millisecond or finer, and that realized spread be calculated at multiple time intervals. Finally, the amendments enhance the accessibility of the reported execution quality statistics by requiring all reporting entities to make a summary report available.

Key facts

Document number

2024-05556

Type

Final rule

Action

Final rule

Agency

Securities and Exchange Commission

Published

April 15, 2024

Takes effect

June 14, 2024

Dates

Effective date: The final rules are effective June 14, 2024.

Docket

Release No. 34-99679; File No. S7-29-22

Regulation ID (RIN)

3235-AN22

Code of Federal Regulations

17 CFR 240; 17 CFR 242

Topics

Brokers; Confidential business information; Fraud; Reporting and recordkeeping requirements; Securities

Pages

190

The document on federalregister.gov PDF

Other documents from the Securities and Exchange Commission

Everything from the Securities and Exchange Commission · Rules on brokers · Rules on confidential business information · Rules on fraud · Published in April 2024

Read from the Federal Register API, last updated 2026-10-23. The document on federalregister.gov is the official record; dates and dockets can change through later corrections. Free to reuse with credit to SpecStream under CC BY 4.0.