# 2025-11099: Exchanges Update Trade Reporting to Match SEC Tweaks

2025-11099, Joint Industry Plan; Notice of Filing of Amendment to the National Market System Plan Establishing Procedures Under Rule 605 of Regulation NMS To Reflect Recent Amendments to Rule 605 of Regulation NMS, is a Federal Register notice from Securities and Exchange Commission published 2025-06-17, effective 2025-12-14 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-11099
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-11099
- Title: Joint Industry Plan; Notice of Filing of Amendment to the National Market System Plan Establishing Procedures Under Rule 605 of Regulation NMS To Reflect Recent Amendments to Rule 605 of Regulation NMS
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 25721
- Published: 2025-06-17
- Effective: 2025-12-14
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Exchanges Update Trade Reporting to Match SEC Tweaks

## Summary

The big stock market players like FINRA and major exchanges are updating their rules to match recent changes made by the SEC. These updates will make reporting clearer and more modern, helping everyone understand how trades are tracked. The changes kick in soon and won’t cost anyone extra but will keep the system running smoothly and fairly.

## Effects PRIA read

- Broker-Dealers Added as Reporting Entities: cost, medium. The Plan will be amended to add broker-dealers who introduce or carry 100,000 or more customer accounts (in addition to market centers) as entities subject to Rule 605 reporting. This change explicitly extends the set of reporting entities referenced throughout the Plan to include brokers and deale…
- New Monthly Summary Reports for the Public: benefit, medium. All entities subject to Rule 605 must publish a new monthly summary report in addition to the detailed monthly report, and the summary must use the Commission's CSV schema and associated PDF renderer. The Participants propose to make these summary reports available in the same locations and under t…
- More Detailed, Millisecond Execution Data: benefit, medium. The detailed monthly reports will include new order-type categories and more granular time-to-execution buckets measured in milliseconds (or finer), new statistical measures (for example, percentage-based spreads and a size improvement benchmark), and modified order size categories based on notiona…
- File Format, Headers, and Rounding Standardized: benefit, low. The Plan will change detailed file conventions to use an uncompressed ".txt" extension instead of ".dat", add Gzip ".gz" compression as an alternative to ".zip", require column headers in detailed files, and require reported numeric values be rounded "up to six decimal places." These changes are in…

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## Sources
- [2025-11099 on federalregister.gov](https://www.federalregister.gov/documents/2025/06/17/2025-11099/joint-industry-plan-notice-of-filing-of-amendment-to-the-national-market-system-plan-establishing)
- [2025-11099 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-06-17/pdf/2025-11099.pdf)

## Related
- [Previous: 2025-11098, Self-Regulatory Organizations; LCH SA; Order Approving Proposed Rule Change Rel…](https://policyrisk.com/federal-register/2025-11098)
- [Next: 2025-11100, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of…](https://policyrisk.com/federal-register/2025-11100)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-11099 (as of 2026-06-08).