The Minutes of Paul Atkins on trade-through rule https://minutesof.com/sec-chair/on/trade-through-rule/ Everything Paul Atkins has said on trade-through rule: 3 verbatim quotes, each with a timestamp and a link to the recording it came from. en Mon, 31 Aug 2026 13:12:01 +0000 Atkins calls Rule 611, the Trade-Through Rule, a grave misstep since his time as Commissioner in the 2000s. https://minutesof.com/q/b74e66a0-d3fe-4a81-a807-caa7aedcff82/ https://minutesof.com/q/b74e66a0-d3fe-4a81-a807-caa7aedcff82/ “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.”” — SEC speeches and statements trade-through rule Atkins argues Rule 611 incentivized venue proliferation that fragmented liquidity and created a complex, costl https://minutesof.com/q/6d9db082-802e-4cc6-9194-3c53a5f44bba/ https://minutesof.com/q/6d9db082-802e-4cc6-9194-3c53a5f44bba/ “I am concerned that what the Rule rather incentivized was a proliferation of new trading venues, which in turn fragmented liquidity and created an increasingly complex, costly, and opaque marketplace for order execution.” — SEC speeches and statements trade-through rule Atkins says Rule 611 prioritized the SEC's assumptions over what competition and market forces could produce. https://minutesof.com/q/7c3d274b-4796-4491-87f9-60ef8b2149d5/ https://minutesof.com/q/7c3d274b-4796-4491-87f9-60ef8b2149d5/ “Rule 611 prioritized the Commission’s assumptions about the way that markets and investors should interact above what could emerge from competition and market forces.” — SEC speeches and statements trade-through rule