Big and valuable change, rule 611 is one of the reasons why assymetric speed bumps have been so hard to get across the line, because venues with assymetric speed bumps would inevitably have tighter quotes than those without, and, if those quotes are considered in the tape then they would force all the non Assymetric speed bump exchanges tighter than they can afford.
the SEC just proposed rescinding Rule 611 of Reg NMS, the trade-through rule that has defined US equity market structure since 2005
this is a tradfi story, yes, but this is also one of the biggest unlocks yet for tokenized stocks 👇