Citadel Securities, one of the largest market makers in the world, submitted a comment letter on August 17, 2026, opposing the SEC’s plan to eliminate Rule 611 of Regulation NMS, the trade-through rule that has governed US equity markets since 2005. This rule prevents brokers from executing trades at a price worse than the best available price displayed on another exchange. The SEC, chaired by Paul Atkins, argues that the change would generate projected savings of roughly $250,000 per trading day. Citadel Securities calls the SEC’s economic justification for the change « fatally flawed, » warning it could reduce liquidity, weaken price discovery, and leave retail investors worse off. Instead of a full repeal, Citadel Securities proposes implementing a minimum volume threshold for exchanges to receive « protected quote » status.
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