Dream Exchange dreams big: New electronic stock market bids for SEC nod
Published Date: 3/3/2025
Notice
Summary
Dream Exchange Holdings wants to become a new national stock exchange with a fully electronic trading system—no trading floor needed! This change affects broker-dealers who trade stocks and could shake up how stocks are bought and sold. The SEC is now asking for public comments before deciding if Dream gets the green light, so keep an eye out for updates soon!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
Membership Open to Registered Broker-Dealers
Dream would offer one class of membership that is open to registered broker-dealers. Members could also register under Dream's rules as market makers and would be subject to specified requirements and obligations set forth in Dream's proposed rules.
Fully Electronic NMS Trading Platform
Dream proposes to operate a fully automated electronic trading platform for National Market System (NMS) stocks with a continuous automated matching function and no physical trading floor. Liquidity would come from buy and sell orders submitted electronically by registered broker-dealer members from remote locations.
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