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New Open Call Replay Available Now!

Expanding the Scope of Rule 605

With Presenter

Mark Davies

Co-Founder & CEO


Watch Here
Audio Only

Open Call Index:

Q#1: Backstory - 01:00 Mark

Q#2: Process & Industry Input - 02:00 Mark

Q#3: Details of the Rule - 03:00 Mark

  • Size Groupings
  • Fractional Shares
  • Effective Over Quoted
  • Stop Orders
  • Measuring Size Improvement

Q#4: Implementation - 22:00 Mark

About this Open Call

The Securities and Exchange Commission (SEC) held an Open Meeting on Wednesday, March 6, where they adopted amendments to the National Market System (NMS) stock order execution disclosure requirements of Regulation NMS under the Securities Exchange Act of 1934. These amendments expand the scope of entities subject to Rule 605, modifying the categorization and content of order information reported under the rule.

About Mark Davies and S3

Mark Davies is Co-Founder and CEO of S3, a full–service compliance and trade analytics software company that services many of the world’s largest financial institutions and exchanges. Mr. Davies is responsible for the company’s overall business strategy, as well as the daily operations required to deliver an exceptional experience to S3’s valued clients. Mr. Davies is an industry thought leader in market structure and regulatory requirements, particularly the SEC’s Rule 606. He is Co-Chair of the FIF Rule 606 Committee and a member of several other industry groups, including the STA Listed Options Committee, the Security Traders Association of New York, the Dallas Security Traders Association, and SIFMA.

S3 was founded in 2001 and discovered its niche after launching its first trading analytics product in 2004. Since then, Mr. Davies has shaped S3 to become the trusted industry standard for international regulatory reporting, 605/606 reporting, trade surveillance, CAT, TCA, and best execution analytics across multiple asset classes.

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Wednesday, April 10, 2024

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