Four interrelated SEC initiatives to modernize
the regulatory structure of the U.S. equity markets

• New Order Protection Rule

• Facilitate use of automated quotations
  to obtain the best price for investors

• New Access Rule

• Promotes fair and non-discriminatory access
  to quotations displayed by NMS trading centers

• New Sub-Penny Rule

• Establishes a uniform quoting increment of no less than one penny for quotations in NMS stocks equal to or greater than $1.00 per share
• To promote greater price transparency and consistency

• Amendments to Market Data Rules

• To promote wider distribution of market data

Dedicated SEC Webpage

• SEC Commissioner speech 10.07.05
• SEC extends compliance dates 5.18.06

NMS Plans

• SEC webpage

Final release 34-51808 6.09.05

• SEC press release 4.06.05

Proposal release 34-50870 12.16.04

• Reproposed by SEC
• Comment letters

Proposal release 34-49325 12.16.04

• Original SEC proposal
• Public hearings

Rule 612 - Minimum Pricing Increment

• FAQs Oct 2005

Stock Traders