{"abstract":"The Securities and Exchange Commission (\"Commission\") is reproposing rules under Regulation NMS and two amendments to the joint industry plans for disseminating market information. In addition to redesignating the national market system rules previously adopted under Section 11A of the Securities Exchange Act of 1934 (\"Exchange Act\"), Regulation NMS would include new substantive rules that are designed to modernize and strengthen the regulatory structure of the U.S. equity markets. First, the \"Trade-Through Rule\" would require trading centers to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the execution of trades at prices inferior to protected quotations displayed by other trading centers, subject to an applicable exception. To be protected, a quotation must be immediately and automatically accessible. Second, the \"Access Rule\" would require fair and non-discriminatory access to quotations, establish a limit on access fees to harmonize the pricing of quotations across different trading centers, and require each national securities exchange and national securities association to adopt and enforce rules that prohibit their members from engaging in a pattern or practice of displaying quotations that lock or cross automated quotations. Third, the \"Sub-Penny Rule\" would prohibit market participants from accepting, ranking, or displaying orders, quotations, or indications of interest in a pricing increment smaller than a penny, except for orders, quotations, or indications of interest that are priced at less than $1.00 per share. Finally, the Commission is reproposing amendments to the \"Market Data Rules\" that would update the requirements for consolidating, distributing, and displaying market information, as well as amendments to the joint industry plans for disseminating market information that would modify the formulas for allocating plan revenues (\"Allocation Amendment\") and broaden participation in plan governance (\"Governance Amendment\").","action":"Proposed rules and amendments to joint industry plans.","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2004/12/27/04-27934.html","cfr_references":[{"chapter":null,"citation_url":null,"part":200,"title":17},{"chapter":null,"citation_url":null,"part":201,"title":17},{"chapter":null,"citation_url":null,"part":230,"title":17},{"chapter":null,"citation_url":null,"part":240,"title":17},{"chapter":null,"citation_url":null,"part":242,"title":17},{"chapter":null,"citation_url":null,"part":249,"title":17},{"chapter":null,"citation_url":null,"part":270,"title":17}],"citation":"69 FR 77424","comment_url":null,"comments_close_on":"2005-01-26","correction_of":null,"corrections":[],"dates":"Comments must be received on or before January 26, 2005. Given the advanced stage of this rulemaking initiative, the Commission anticipates taking further action as expeditiously as possible after the end of the comment period. It therefore strongly encourages the public to submit their comments within the prescribed comment period. Comments received after that point cannot be assured of full consideration by the Commission.","disposition_notes":null,"docket_ids":["Release No. 34-50870","File No. S7-10-04"],"dockets":[],"document_number":"04-27934","effective_on":null,"end_page":77519,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2004/12/27/04-27934.xml","html_url":"https://www.federalregister.gov/documents/2004/12/27/04-27934/regulation-nms","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/04-27934?publication_date=2004-12-27","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2004-12-27/04-27934/mods.xml","not_received_for_publication":null,"page_length":96,"page_views":{"count":365,"last_updated":"2026-06-14 20:15:04 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2004-12-27/pdf/04-27934.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":null,"publication_date":"2004-12-27","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2004/12/27/04-27934.txt","regulation_id_number_info":{"3235-AJ18":{"issue":"200404","html_url":"https://www.federalregister.gov/regulations/3235-AJ18/regulation-nms-proposal","title":"Regulation NMS Proposal","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=200404&RIN=3235-AJ18&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["3235-AJ18"],"regulations_dot_gov_info":{"checked_regulationsdotgov_at":"2011-11-12T14:18:01Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":77424,"subtype":null,"title":"Regulation NMS","toc_doc":"National market system; joint industry plans; amendments","toc_subject":"Securities:","topics":["Administrative practice and procedure","Authority delegations (Government agencies)","Brokers","Organization and functions (Government agencies)","Reporting and recordkeeping requirements","Securities"],"type":"Proposed Rule","volume":69}