SEC Approves Stock Market Data Sharing Overhaul
Published Date: 9/15/2025
Notice
Summary
The SEC approved updates to a key stock market plan that affects big exchanges and FINRA. These changes reflect recent rule updates, add a new participant (24X), and modernize how market data is shared. The updates help keep markets fair and smooth, with no extra costs or delays expected.
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
More Brokers Must Publish Execution Data
The rule expands who must publish Rule 605 reports to include broker-dealers that introduce or carry 100,000 or more customer accounts. If you use a broker and that broker meets the 100,000-account threshold, that broker is now explicitly subject to Rule 605 reporting requirements.
New Monthly Summary Execution Report
Reporting entities must produce a new monthly summary report under Rule 605(a)(2) in addition to the existing detailed monthly report. The summary report must be made available in the same place and under the same procedures as the detailed report.
More Detailed, Standardized Execution Data
The Plan adds a new Exhibit A listing the required data fields for the detailed monthly Rule 605 reports, establishes standardized field headers and an order-type categorization, and specifies a consistent rounding methodology to six decimal places. The amendment also increases the maximum number of records to 240 for each individual security.
Modernized File and Compression Formats
The Plan changes the uncompressed file extension for detailed Rule 605 files from ".dat" to ".txt" and adds Gzip compression (file extension ".gz") as an alternative to Zip. These changes are intended to improve readability and compatibility of the published files.
Public, Free Identification Codes for Reporters
The amendment requires that the unique identification codes assigned to each market center, broker, or dealer be made available on a free and publicly accessible website. Designated Participants will publish and jointly ensure codes are not duplicated.
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