Comment Deadline Set for SEC Updates to NMS Order Execution Disclosure Requirements

Comments on an SEC proposal to update the disclosure required for order executions in NMS stocks are due by March 31, 2023. The Notice was published in the Federal Register.

As previously covered, the proposal would (i) expand the scope of firms subject to the requirements, (ii) expand the definition of "covered order" to include certain orders submitted outside of regular trading hours or with stop prices, (iii) eliminate the time-to-execution categories and adopt more detailed metrics and (iv) amend the information required to be reported under NMS Rule 605 ("Disclosure of order execution information").