SEC Extends Rule Forcing Market Makers to Share Customer Orders
Published Date: 9/19/2025
Notice
Summary
The SEC is asking to keep Rule 604 going, which makes market makers share special customer orders that could get better prices for everyone. About 30 market players handle tons of these orders daily, but it only takes a tiny bit of time—about 2.6 hours a year each. This rule helps investors find the best deals when buying or selling stocks, with no new costs or big changes coming.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Market Makers Must Publish Limit Orders
Rule 604 (17 CFR 242.604) requires specialists and market makers to publish customer limit orders that are priced superior to their displayed bids or offers. Orders that match the displayed bid or offer must be published if the limit price also matches the national best bid or offer (NBBO) and the customer order size is more than 10% of the specialist's or market maker's displayed size. The SEC estimates about 30 respondents handle these orders and that the activity takes about 2.62 hours per year per respondent (78.7 total hours annually).
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