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SEC Equity Market Proposals:

Disclosure of Order Execution Information (Rule 605)

On December 14 the SEC unveiled its biggest proposed reforms to the U.S. equity markets since Reg NMS was instituted in 2005. In its 6-hour Open Meeting the SEC's Chairman Gary Gensler and Commissioners voted on four proposals which addressed a range of issues such as: Rule 605; tick sizes, access fees, price transparency, order by order competition achieved through retail auctions and an SEC Best Execution Rule. While these proposals are introduced as four separate rule filings, they are interconnected which will make it difficult on the industry to formulate opinions and to provide input.

This Open Call focuses on the proposal that is titled: Disclosure of Order Execution Information, aka Rule 605 and how it interacts with one of the SEC’s other proposals introduced on December 14: Regulation Best Execution.

Presenter:

Mark Davies

Co-Founder & CEO

S3

Open Call Index

Opening Remarks: 00:00

Q#1: How are these proposal interconnected 05:15

Q#2: Proposed Changes to Rule 605 06:50

Q#3: New Reporting Categories 14:15

Q#4: Auction Mechanisms 18:35

Q#5: Options 22:05

About Mark Davies

Mark Davies is Co-Founder and CEO of S3, a full-service compliance and trade analytics software company. He is responsible for the organization’s business strategy, the executive team, and has oversight of the company’s day-to-day operations, including client relations, sales, and business development.

A financial services executive with over 15 years experience in fintech and

regtech, Mr. Davies has deep industry knowledge in trading technology,

particularly trade surveillance, best execution analysis,

and regulatory reporting.

Mr. Davies holds a Bachelor’s of Science degree in Computer Science from the Massachusetts Institute of Technology (MIT). He lives in Austin, Texas with

his wife and three children.

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