The June 29 effective date of the Securities and Exchange Commission’s Reg. NMS, the trade through rule, will likely be pushed off until early 2007. That was the prediction by Dan Gray, market structure counsel in the SEC’s Division of Market Regulation, who said at a recent panel, that “there is too much to be done” before the deadline.
According to Traders Magazine, Gray said the postponement was necessary because most exchanges affected were in the middle of “major” changes designed to give them competitive advantages, such as the New York Stock Exchange’s hybrid market, for example. The SEC is expected to announce a new deadline in the near future.
Gray added, “We are concerned that this implementation be predictable, cost effective and there is no disruption in the way the markets operated.”