SEC Announces Agenda and Panelists for Roundtable on Rule 611 of Regulation NMS

Washington, D.C.–(Newsfile Corp. – December 10, 2025) – The Securities and Exchange Commission today announced the agenda and panelists for its Dec. 16, 2025, roundtable on Rule 611 of Regulation NMS and other associated rules and regulatory requirements.

The roundtable will be held at the University of Austin’s campus at the Scarbrough Building, located at 522 Congress Avenue, Austin, Texas, from 9 a.m. to 1 p.m. CT. The event will be open to the public and webcast live on the SEC’s website. Doors will open at 8 a.m. CT.

For in-person attendance, attendees must register by Monday, Dec. 15, 2025. Visitors will be subject to security checks.

For online attendance, registration is not necessary; a link to watch the event will be available on Dec. 16 at www.sec.gov, and a recording will be available at a later date on the SEC’s website.

Agenda

8 a.m. Doors Open

9 a.m. Remarks – SEC Chairman Paul Atkins, SEC Commissioner Hester Peirce, SEC Commissioner Caroline Crenshaw, SEC Commissioner Mark Uyeda, and Jamie Selway, Director, SEC’s Division of Trading and Markets

9:30 a.m. Panel One – Potential Changes to Rule 610 of Regulation NMS

Panel One will focus on potential modifications to Rule 610 if the trade-through prohibitions of Rule 611 are modified or rescinded. Areas for discussion will include: the fair access provisions contained in Rule 610(a) and (b); the access fee caps contained in Rule 610(c); and the prohibition on locked and crossed markets contained in Rule 610(e).

Moderators: Jamie Selway, Director, Jon Kroeper, Deputy Director, Kelly Riley, Senior Special Counsel, SEC’s Division of Trading and Markets

Panelists:

• Dmitry Bulkin, Bernstein
• Mehmet Kinak, T. Rowe Price
• John Ramsay, Investors Exchange
• Brett Redfearn, Panorama Financial Markets Advisory
• Oliver Sung, Cboe Global Markets
• Kevin Tyrrell, New York Stock Exchange

10:30 a.m. Break

10:45 a.m. Panel Two – Potential Changes to Rule 600 of Regulation NMS and Market Data

Panel Two will focus on necessary changes to the definitions contained in Rule 600 of Regulation NMS as well as the impact on market data if the trade-through prohibitions of Rule 611 are modified or rescinded. Areas for discussion will include: which, if any, defined terms in Rule 600 would require amendment or removal; the effect of potential changes on the national best bid and national best offer; and the incentives associated with the market data formula for revenue allocation from the consolidated market data plans.

Moderators: Jamie Selway, Director, Jon Kroeper, Deputy Director, Peggy Sullivan, Senior Policy Advisor, SEC’s Division of Trading and Markets

Panelists:

• Valerie Bogard, Rosenblatt Securities
• Jeff Brown, Texas Stock Exchange
• Bill Harts, Long-Term Stock Exchange
• Jaime Llano, Teacher Retirement System of Texas
• Chuck Mack, Nasdaq
• Jeff Starr, Schwab

11:45 a.m. Break

12 p.m. Panel Three – Impacts on Best Execution

Panel Three will focus on potential enhanced best execution guidance if the trade-through prohibitions of Rule 611 are modified or rescinded. Areas for discussion will include: additional guidance necessary to assist broker-dealers in fulfilling their best execution obligations if Rule 611 is modified or rescinded and if other rules (such as the access fee caps in Rule 610(c)) are amended.

Moderators: Jamie Selway, Director, Jon Kroeper, Deputy Director, David Dimitrious, Senior Special Counsel, SEC’s Division of Trading and Markets

Panelists:

• David Brooks, The London Company
• Calvin Hayes, Jane Street
• Anna Kurzrok, Jefferies
• Chris Nagy, Healthy Markets
• Racquel Russell, FINRA
• Jamie Schriber, Goldman

1 p.m. Concluding Remarks