Market Centers - A
Background Information: SEC Rule 605 is aimed at improving public disclosure of order execution quality. Under Rule 605, the SEC requires market centers that trade national market system securities to make monthly electronic reports. These reports include information about each market center's quality of executions on a stock-by-stock basis, including how market orders of various sizes are executed relative to the public quotes. These reports must also disclose information about effective spreads (the spreads actually paid by investors whose orders are routed to a particular market center). In addition, market centers must disclose the extent to which they provide executions at prices better than the public quotes to investors using limit orders. The SEC staff has provided useful guidance that sets forth the views of the Division of Market Regulation regarding frequently asked questions about the rule. See SEC Staff Bulletin No. 12R, Frequently Asked Questions About Rule 605 (formerly known as Rule 11Ac1-5). For further information, also see NASD’s Notice to Members 01-16; NASD Notice to Members 01-22; NASD Notice to Members 01-30; NASD Notice to Members 01-44; and SEC Rule 605 Guidance.
The following Market Centers have selected FINRA as their designated participant to display their identification and links to their disclosure of SEC-Required Order Execution Information (SEC Rule 605).