The U.S. Securities and Exchange Commission on Thursday, June 11, 2026 proposed amendments to rescind Rules 611 and 610(e) of Regulation NMS.
The proposal would remove the trade-through prohibition for national market system stocks under Rule 611, eliminate restrictions on locking and crossing quotations under Rule 610(e), rescind related defined terms in Rule 600, and make conforming changes to other provisions.
Rule 611 has required trading venues to protect the best-priced quotations displayed across exchanges, while Rule 610(e) has restricted quotes from locking or crossing each other. Removing both rules would loosen the routing and quote-interaction framework that has governed U.S. equities for two decades.
“This proposal is intended to simplify market structure and reduce costs for market participants while allowing competition, innovation, and other market forces to shape the continuing evolution of our equity markets,” said SEC Chairman Paul S. Atkins.
The public comment period will remain open for 60 days after publication of the proposing release in the Federal Register.
The proposal follows a September 2025 SEC roundtable on trade-through prohibitions. Exchange operator Nasdaq filed a comment letter supporting review of Rule 611, arguing the rule had produced unintended consequences including increased dark trading.
