The SEC recently approved its market data infrastructure proposal

The SEC recently approved its market data infrastructure proposal. Earlier this year, the SEC introduced its proposal to modernize the infrastructure for the collection, consolidation, and dissemination of market data for exchange-listed national market system (NMS) stocks. One notable change in the new NMS rules is the introduction of competitive forces into this component of the NMS. Now that the SEC has published its amendments in the Federal Register, they will go into effect on June 8, 2021. The SEC is anticipating a three-phase implementation for the new rules to: (i) facilitate an orderly transition; (ii) avoid unnecessary stress on the functioning of the market; and (iii) avoid unnecessary and duplicative programming and development by existing market participants.