On September 29th, the SEC adopted amendments to Rule 605 of the Securities Exchange Act, which requires disclosures for order executions in national market system (NMS) stocks. Under the rulemaking, Rule 605(a)(2) requires that every market center, broker, or dealer subject to Rule 605 reporting requirements produce a summary execution quality report. For more information, please see the Disclosure of Order Execution Information final rule. Per the amendments, Rule 605 requires reporting entities to provide the summary execution quality report on a website that is free and available to the public using the current versions of the CSV schema and the associated PDF renderer as published on the SEC’s website.
The SEC has made available these resources related to the 2025 OES (all updated 9/26/2025):
- Technical Specifications (pdf)
- CSV Schema, Renderer, and Sample Report (zip)
- Source repository
Sources:
2025 Order Execution Summary (OES) Data Report (sec.gov)
Disclosure of Order Execution Information (sec.gov)