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Disclosure of Order Routing and Execution Practices
AGENCY: Securities and Exchange Commission
ACTION: Proposed rules
SUMMARY: The Securities and Exchange Commission is proposing two
rules to improve public disclosure of order routing and execution
practices. Under proposed Rule 11Ac1-5, market centers that trade
national market system securities would be required to make available
to the public monthly electronic reports that include uniform
statistical measures of execution quality on a security-by-security
basis. Under proposed Rule 11Ac1-6, broker-dealers that route orders
in equity and option securities on behalf of customers would be
required to make publicly available quarterly reports that describe
their order routing practices and disclose the venues to which
customer orders are routed for execution. In addition, broker-dealers
would be required to disclose to customers, on request, where their
individual orders were routed for execution. By enhancing disclosure
of order routing and execution practices, the proposed rules are
intended to promote fair and vigorous competition among broker-
dealers and among market centers. Finally, this release discusses a
number of measures that the Commission currently is considering to
strengthen quote and price competition in the securities markets.
DATES: Comments are due on or before September 22, 2000.
ADDRESSES: Interested persons should submit three copies of their
written data, views, and opinions to Jonathan G. Katz, Secretary,
Securities and Exchange Commission, 450 Fifth Street, N.W.,
Washington D.C. 20549-0609. Comments also may be submitted
electronically at the following E-mail address: rule-
comments@xxxxxxxx All comment letters should refer to File No. S7-16-
00. Comments submitted by E-mail should include this file number in
the subject line. Comment letters received will be available for
public inspection and copying in the Commission's Public Reference
Room, 450 Fifth Street, N.W., Washington D.C. 20549. Electronically
submitted comment letters will be posted on the Commission's Internet
web site (http://www.sec.gov).
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