SEC Proposes Rescinding Rule 611 Trade-Through Rule

• The SEC's proposed action would rescind Rules 611 and 610(e) of Regulation NMS.
• Rule 611 contains the trade-through prohibition for national market system stocks.
• Rule 610(e) contains restrictions on locking and crossing quotations in national market system stocks.
• The SEC also proposed rescinding related defined terms in Rule 600 of Regulation NMS.
• The public comment period will run for 60 days following the publication of the proposing release in the Federal Register.

SEC Proposes Rescission of Rules 611 and 610(e)

The Securities and Exchange Commission announced proposed amendments to rescind Rules 611 and 610(e) of Regulation NMS. The announcement was made in a press release numbered 2026-54, dated June 11, 2026. The release was last reviewed or updated on June 11, 2026.

SEC Proposes Rescinding Rule 611 Trade-Through Rule

What the Rules Cover

Rule 611 of Regulation NMS contains the trade-through prohibition for national market system stocks. Rule 610(e) of Regulation NMS contains restrictions on locking and crossing quotations in national market system stocks. As part of the proposal, the SEC also seeks to rescind related defined terms in Rule 600 of Regulation NMS.

Chairman's Statement

After two decades of Rule 611, it is high time that the Commission review its unintended consequences that have hindered — rather than enhanced — the long-term growth of our markets.

— Paul S. Atkins, SEC Chairman

Next Steps

The public comment period on the proposed amendments will run for 60 days following the publication of the proposing release in the Federal Register.