Atkins argues the trade-through rule has fueled disorder by encouraging exchange proliferation and dampening innovation.
“Indeed, the release shows that, in today’s markets, the trade-through rule has helped fuel disorder by encouraging the proliferation of exchanges, dampening innovation within them, and inspiring ever more complex order types on those exchanges.”
Atkins calls Rule 611, the Trade-Through Rule, a grave misstep since his time as Commissioner in the 2000s.
“I have viewed as a grave misstep since I served as Commissioner in the Aughts: that is, Rule 611, also known as the “Trade-Through Rule.””
Atkins announces the SEC proposes to rescind Rule 611 of Regulation NMS and the prohibition on locking and crossing quotations.
“Today, the Commission proposes to rescind Rule 611 of Regulation NMS as well as the prohibition on locking and crossing quotations.”