Since the Commission’s original adoption of Rule 605 nearly a quarter century ago, the size, structure, and trading speed of our markets have all changed significantly. Although the rule has worked well since then, the information on execution quality included in current Rule 605 reports is less useful in meeting the modern needs of market participants and investors. The current scope and content of Rule 605 reports have fallen behind technological and market developments, such as increased retail participation, trading of fractional shares, and off-exchange trading.

Today’s reforms will enhance the decision-useful information included in the monthly Rule 605 reports on order execution, including improved statistical measures of execution quality.

The final rules will promote greater transparency, increase the information available to market participants, and promote healthy competition among market centers and broker-dealers on execution quality. Summary reports provided for under the rule will allow investors of all sizes, independent analysts, the financial press, and all other market participants to review user-friendly information on execution quality.

I am pleased to support these long overdue reforms to this important disclosure framework.