How Nixing Trade-Through Rule Would Alter Equity Markets

By Andre Owens, Bruce Newman and Stephanie Nicolas ( July 14, 2026, 4:40 PM EDT) -- On June 11, the U.S. Securities and Exchange Commission voted to propose the rescission of Exchange Act Rule 611 (the order protection rule or trade-through rule) and Rule 610(e) (the so-called locked-and-crossed-markets prohibition) of Regulation NMS, two provisions that have shaped the structure of U.S. equity markets since 2005.[1]...

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