242.605—Disclosure of order execution information.
Code of Federal Regulations
(a) Monthly electronic reports by market centers.
(1)
Every market center shall make available for each calendar month, in accordance with the procedures established pursuant to paragraph (a)(2) of this section, a report on the covered orders in NMS stocks that it received for execution from any person. Such report shall be in electronic form; shall be categorized by security, order type, and order size; and shall include the following columns of information:
(i)
For market orders, marketable limit orders, inside-the-quote limit orders, at-the-quote limit orders, and near-the-quote limit orders:
(F)
The cumulative number of shares of covered orders executed from 0 to 9 seconds after the time of order receipt;
(G)
The cumulative number of shares of covered orders executed from 10 to 29 seconds after the time of order receipt;
(H)
The cumulative number of shares of covered orders executed from 30 seconds to 59 seconds after the time of order receipt;
(I)
The cumulative number of shares of covered orders executed from 60 seconds to 299 seconds after the time of order receipt;
(J)
The cumulative number of shares of covered orders executed from 5 minutes to 30 minutes after the time of order receipt; and
(C)
For shares executed with price improvement, the share-weighted average amount per share that prices were improved;
(D)
For shares executed with price improvement, the share-weighted average period from the time of order receipt to the time of order execution;
(F)
For shares executed at the quote, the share-weighted average period from the time of order receipt to the time of order execution;
(H)
For shares executed outside the quote, the share-weighted average amount per share that prices were outside the quote; and
(I)
For shares executed outside the quote, the share-weighted average period from the time of order receipt to the time of order execution.
(2)
Every national securities exchange on which NMS stocks are traded and each national securities association shall act jointly in establishing procedures for market centers to follow in making available to the public the reports required by paragraph (a)(1) of this section in a uniform, readily accessible, and usable electronic form. In the event there is no effective national market system plan establishing such procedures, market centers shall prepare their reports in a consistent, usable, and machine-readable electronic format, and make such reports available for downloading from an Internet Web site that is free and readily accessible to the public.
(3)
A market center shall make available the report required by paragraph (a)(1) of this section within one month after the end of the month addressed in the report.
(b) Exemptions.
The Commission may, by order upon application, conditionally or unconditionally exempt any person, security, or transaction, or any class or classes of persons, securities, or transactions, from any provision or provisions of this section, if the Commission determines that such exemption is necessary or appropriate in the public interest, and is consistent with the protection of investors.