The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC proposes amendments to Regulation NMS affecting trade-through and locked/crossed markets. While primarily targeting securities exchanges, the changes may indirectly impact money services businesses (MSBs) that engage in securities trading or operate alternative trading systems. No direct AML/BSA or money transmission requirements are altered.
Aforeworn detected this change in the Money Services & Money Transmitters space on July 6, 2026 and published this briefing so affected operators are forewarned rather than caught off guard. It is rated Low urgency. MSBs that operate as broker-dealers or alternative trading systems (e.g., fintech platforms offering securities trading) should confirm how it applies to their specific situation before acting. There is a time constraint attached: No immediate deadline; comment period likely open for 60 days after publication in Federal Register.. Acting after that point can mean penalties, a lapsed licence, or lost eligibility — exactly the kind of surprise Aforeworn exists to prevent. Aforeworn monitors Money Services & Money Transmitters continuously and turns every detected change into a plain-English briefing like this one, so you always know first. Forewarned is forearmed.
What changed
Proposed amendments to the Trade-Through Rule and Locked/Crossed Markets provisions under Regulation NMS
Who it affects
MSBs that operate as broker-dealers or alternative trading systems (e.g., fintech platforms offering securities trading)
What you must do
Review whether your business is subject to Regulation NMS; if so, monitor SEC rulemaking and assess potential operational impacts on order routing and execution.
Deadline
No immediate deadline; comment period likely open for 60 days after publication in Federal Register.
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