{
  "id": "RS21871",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "RS21871",
  "active": false,
  "source": "EveryCRSReport.com, University of North Texas Libraries Government Documents Department",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 304690,
      "date": "2005-06-06",
      "retrieved": "2016-04-07T19:43:13.370029",
      "title": "The Trade-Through Rule",
      "summary": "The trade-through rule mandates that when a stock is traded in more than one market,\ntransactions\nmay not occur in one market if a better price is offered on another market. Defenders of the rule\nportray it as an essential protection for investors, particularly small investors who find it difficult to\nmonitor their brokers' performance. Opponents argue that its principal effect is anti-competitive; that\nit protects traditional exchanges -- where brokers and dealers meet face to face on trading floors --\nfrom newer forms of trading based on automatic matching of buy and sell orders. In April 2005, the\nSecurities and Exchange Commission (SEC) adopted new regulations modifying the trade-through\nrule, which it described as antiquated. The new Regulation NMS requires that investors receive the\nbest price available among price quotations that are displayed electronically and immediately\navailable for execution. The new rules also mandate improved market access, to allow brokers and\ntraders in one market to get the best price for their customers, wherever that price is quoted. Since\nthe adoption of Regulation NMS, both major U.S. stock markets, the New York Stock Exchange\n(NYSE) and the Nasdaq, have announced plans to merge with computer-based trading systems\nknown as alternative trading systems (ATSs). This market response suggests that Regulation NMS\nmay have its desired effect of increasing price competition by adapting regulatory structures to\ntechnological innovations that have transformed stock markets in recent years. This report will be\nupdated as events warrant.",
      "type": "CRS Report",
      "typeId": "REPORTS",
      "active": false,
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      "topics": []
    },
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc809184/",
      "id": "RS21871_2004Jun22",
      "date": "2004-06-22",
      "retrieved": "2016-03-19T13:57:26",
      "title": "The Trade-Through Rule",
      "summary": null,
      "type": "CRS Report",
      "typeId": "REPORT",
      "active": false,
      "formats": [
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          "filename": "files/20040622_RS21871_5b548689b96e979c9b501ce87ac7efc52f66b897.html"
        }
      ],
      "topics": []
    }
  ],
  "topics": [
    "Economic Policy"
  ]
}