Dec. 28, 2022
December 28, 2022 This is basically saying from now on, when a retail broker gets an order, unless its executed at the mid, the order has to be sent to an auction facility (it can be on-exchange or off, but bar for running one off-exchange is very high) where anyone can compete to fill the order. Only if the auction fails (nobody wants to fill it) can the order be executed by an internalizer. I prefer a simpler approach known as the trade-at rule to the added complexity of this approach, but this is an improvement over the current system. I know one of the most important things in trading is knowing that your trades impact the NBBO and execute on-exchange, and this would go a long way to making that happen.