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GAO-05-831R 1 (2005-07-12)

handle is hein.gao/gaobadwni0001 and id is 1 raw text is: im T I IAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-296606 July 12, 2005 The Honorable Richard C. Shelby Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Michael G. Oxley Chairman The Honorable Barney Frank Ranking Minority Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Regulation NMS Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (Commission), entitled Regulation NMS (RIN: 3235-AJ18). We received the rule on June 10, 2005. It was published in the Federal Register as final rules and amendments to joint industry plans on June 29, 2005. 70 Fed. Reg. 37496. The final rule includes new substantive rules that are designed to modernize and strengthen the regulatory structure of the U.S. equity markets. First, the Order Protection Rule requires trading centers to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the execution of trades at prices inferior to protected quotations displayed by other trading centers, subject to an applicable exception. To be protected, a quotation must be immediately and automatically accessible. Second, the Access Rule requires fair and non-discriminatory access to quotations, establishes a limit on access fees to harmonize the pricing of quotations across different trading centers, and requires each national securities exchange and association to adopt, maintain, and enforce written rules that prohibit their members from engaging in a pattern or practice of displaying quotations that lock or cross automated quotations. GAO-05-831R

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