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SEC Proposals on Reg NMS & Order Competition Rule


On December 14, 2022, the SEC proposed four rule filings relating to wholesale changes to equity market structure. The comment period for letters expired March 31, during which numerous leading industry firms responded with the submission of comment letters on the proposals. On this Open Call, we discuss two of these four proposals:

SEC Proposals on Amendments to Reg NMS

SEC Proposed New Order Competition Rule

With Presenter

Joe Wald

Head of Electronic Trading

BMO Capital Markets

Open Call Index

Opening Remarks: 00:00

Q#1: Evolution of Market Structure Analysts: 02:00

Q#2: Roll Out & Breadth of Changes: 05:50

Q#3: Tick Sizes: 09:55

Q#4: Access Fees: 15:05

Q#5: Order Competition Rule: 20:10

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About Joe Wald

Joe Wald is responsible for BMO’s Electronic Trading vision and strategic direction. He identifies and executes on growth opportunities and shares responsibility for the overall growth and success of the electronic division. Joe has a proven track record, years of industry experience, thought leadership, and public speaking. Prior to the sale of Clearpool Group to BMO Capital Markets, Joe was the CEO and Co-Founder. Joe was executive vice president at GAIN Capital where he ran GTX, the institutional electronic FX trading business. Before Gain, Joe was managing director and head of Knight Direct, Knight Capital Group’s institutional electronic trade execution business. Before Knight Capital, Joe was CEO and co-founder of EdgeTrade Inc., the pioneer developer of agency-only, liquidity seeking algorithms and direct market access technologies for the U.S. equities market. EdgeTrade was sold to Knight Capital Group in 2008. Joe holds a B.S. in Business, Management and Finance from Brooklyn College.

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