SEC Extends Deadline for Stock Order Reporting Rules
Published Date: 4/6/2026
Notice
Summary
The SEC is giving some market players a bit more time and special permission to follow new rules about sharing how well they handle stock orders. Big broker-dealers and trading platforms will now report more detailed info about order execution starting August 1, 2026. These changes aim to make stock trading clearer and fairer, with no extra costs for investors.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 1 costs, 1 mixed.
Trading‑halt reporting rules clarified
The Commission changed which orders must be excluded from Rule 605 reports around announced trading halts. All market orders and marketable limit orders received during an announced trading halt must be excluded. For non‑marketable orders, Rule 605 statistics are calculated based on when the order becomes executable (not receipt), and certain non‑marketable orders that become executable less than five minutes before a halt and remain outstanding must be excluded.
Fractional‑share reporting exemption for brokers
If you run a customer‑facing broker‑dealer that only executes customers' fractional‑share sell orders when the fractional shares come from a dividend reinvestment program or from a stock dividend with a fractional component, you do not have to produce a separate Rule 605 market‑center report for that activity. The exemption applies to those limited fractional‑share circumstances only and does not remove any Rule 605 reporting that the firm must do as a broker‑dealer.
Inactively traded securities exemption extended
The exemption for very inactively traded NMS stocks was supplemented to explicitly cover broker‑dealers as well as market centers. A security is covered if it averaged no more than five reported transactions per trading day for each of the preceding six months (or the shorter period since designation). Orders in such exempt securities need not be included in monthly Rule 605 reports.
Crossed‑NBBO orders excluded after 30 seconds
All orders that would require reference to a national best bid and offer (NBBO) that has been crossed for 30 seconds or more must be excluded from Rule 605 reports. Firms should (1) use the NBBO if it is not crossed or is locked, (2) if the NBBO is crossed, use the next‑in‑time uncrossed NBBO when less than 30 seconds elapsed, and (3) exclude the affected order entirely if 30 seconds or more elapsed between uncrossed NBBOs.
Manual orders must now be reported
The temporary exemption that excluded manually‑received orders from Rule 605 reporting has been rescinded. Market centers and broker‑dealers must include manually‑received orders in Rule 605 reports because market participants have developed automated systems that capture nearly all orders.
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Key Dates
Department and Agencies
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