%0 Journal Article %A Laura S. Pruitt %A Howard L. Kramer %T Regulation NMS %B A Primer on the Complex %D 2005 %R 10.3905/jot.2006.609176 %J The Journal of Trading %P 47-54 %V 1 %N 1 %X This past spring, the Securities and Exchange Commission (“SEC”) adopted a comprehensive set of reforms, collectively referred to as “Regulation NMS,” that will, among other things, change how trading occurs in our national market system. The four major areas addressed in Regulation NMS are 1) trade-through protection, 2) intermarket access, 3) sub-penny pricing, and 4) market data. In this article, we have summarized the new rules relating to each of these areas and point out some of the compliance challenges facing market participants as they get ready to implement the new rules.TOPICS: Exchanges/markets/clearinghouses, financial crises and financial market history %U https://jot.pm-research.com/content/iijtrade/1/1/47.full.pdf