646.502.4561

SEC Rule 605 – New Amendments | BXS

SEC Rule 605 – New Amendments

Background

On March 6 2024, the Securities and Exchange Commission adopted amendments to the disclosure requirements of Rule 605 of Regulation NMS for executions on covered orders in NMS stocks (those listed on a national securities exchange). The amendments expand who must report, redefine order‑information categories, and mandate a machine‑readable summary of execution quality.

Rule 605 was adopted in 2000 to help investors compare execution quality across exchanges, associations, market makers, and ATSs. Yet its disclosure content hasn’t been meaningfully updated since then—falling behind today’s high‑speed, data‑driven markets.

Who is required to report?

  • Exchanges, ATSs, market makers
  • New → Broker‑dealers with ≥ 100 k accounts
  • New → Single‑dealer platforms

Compliance Date

December 15 2025

Key Changes at a Glance

Broader Coverage

Expands “covered orders” to include trades outside regular market hours, stop‑price, and non‑exempt short‑sale orders.

Notional Size Buckets

Order size now combines dollar value plus lot type.

New Order Types

Marketable IOC, stop‑market/limit (marketable & non‑marketable).

Microsecond Metrics

Execution speed & spreads in ms; horizons <100 µs → 5 min.

Price & Size PI

%‑based PI stats and size‑improvement benchmarks.

Public CSV/PDF

Machine‑readable summary file in SEC schema.

Need a Turn‑Key Solution That Keeps You Compliant with the Amended Rule 605?

BXS automates data capture, validation, reporting—and lets you dive deeper into Rule 605 statistics all within one platform.

Schedule a 30‑min Demo