The rulemaking, initially proposed in December 2022, is designed to:

• broaden the scope of reporting entities subject to the preexisting rule that requires market centers to make available to the public monthly execution quality reports to encompass broker-dealers with a larger number of customers
• update the definition of “covered order” to include certain orders submitted outside of regular trading hours and certain orders submitted with stop prices
• update the information required to be reported under the rule, including changing how orders are categorized by order size as well as how they are categorized by order type
• update the rule to capture execution quality information for fractional share orders, odd-lot orders, and larger-sized orders
• update reporting requirements for non-marketable limit orders (NMLOs) in order to capture more relevant execution quality information for these orders by requiring statistics to be reported from the time such orders become executable
• update time-to-execution categories and require average time to execution to be measured in increments of a millisecond or finer and calculated on a share-weighted basis for all orders
• require that the time of order receipt and time of order execution be measured in increments of a millisecond or finer, and that realized spread be calculated at multiple time intervals
• enhance the accessibility of the reported execution quality statistics by requiring all reporting entities to make a summary report available

For further details on the rule amendments, please refer to the Disclosure of Order Execution Information final rule on the SEC’s website

Sources:

Disclosure of Order Execution Information (sec.gov)

Final Rule (sec.gov)