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Regulation NMS
Regulation National Market System (or Reg NMS) is a US financial regulation promulgated and described by the United States Securities and Exchange Commission (SEC) as "a series of initiatives designed to modernize and strengthen the National Market System for equity securities." The Reg NMS is intended to assure that investors receive the best price executions for their orders by encouraging competition in the marketplace.
==History==
It was established in 2005. Its aim was to foster both "competition among individual markets and competition among individual orders"〔SEC Release No. 34-51808 s. I.B.〕 in order to promote efficient and fair price formation across securities markets.
In 1972, before the SEC began its pursuit of a national market system, the market for securities was quite fragmented. The same stock sometimes traded at different prices at different trading venues, and the NYSE ticker tape did not report transactions of NYSE-listed stocks that took place on regional exchanges or on other over-the-counter securities markets.〔Joel Seligman, Rethinking Securities Markets, The Business Lawyer, Vol. 57, Feb. 2002, p.641〕 This fragmentation made it difficult for traders to comparison shop. In 1975, Congress passed the Securities Acts Amendments of 1975, authorizing the SEC to facilitate a national market system.
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