Regulation NMS, or National Market System, is a set of rules established by the U.S. Securities and Exchange Commission to modernize and strengthen the equity markets. It aims to ensure fair and liquid markets, promote competition, and protect investors by governing order routing, trade execution, and market data dissemination. This regulation mandates best execution practices and access to consolidated market information. It applies to traditional stock exchanges.
Context
The applicability of Regulation NMS principles to digital asset trading platforms is a key point of discussion for regulators and market participants. Debates center on whether decentralized exchanges or tokenized securities platforms should adhere to similar standards for price discovery and order execution. Future regulatory actions may seek to adapt aspects of Regulation NMS to the digital asset market to ensure fair trading practices and investor protection, particularly for tokenized securities.
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