Rules › S7-2026-20

The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS

Proposed rule from the Securities and Exchange Commission (docket S7-2026-20). 84 comment letters from companies and organizations are listed below.

Agency
Securities and Exchange Commission
Docket
S7-2026-20
Published
2026-06-17
Comments due
2026-08-17
Status
Comment period closed August 17, 2026 · no final rule found yet
Letters listed here
84

Federal Register notice ↗

Who commented, by industry

Investment & Securities 37 Other 23 Crypto & Fintech 7 Technology, Media & Telecom 7 Education 4 Advocacy & Nonprofits 3 Banking & Lending 1 Law, Accounting & Consulting 1 Healthcare 1

Who commented

Committee on Banking Trade or professional group Banking & Lending

filed 2026-10-01

Nasdaq Company Investment & Securities

filed as “Nasdaq, Inc.” · filed 2026-09-28

The Digital Chamber Trade or professional group Crypto & Fintech

filed 2026-09-17

Urvin Finance Company Other

filed 2026-09-15

XTX Markets LLC Company Other

filed 2026-08-28

Texas Stock Exchange LLC Company Investment & Securities

filed 2026-08-24

Nasdaq Company Investment & Securities

filed as “Nasdaq, Inc.” · filed 2026-08-19

World Federation of Exchanges Trade or professional group Other

filed 2026-08-17

UBS Securities LLC Company Investment & Securities

filed 2026-08-17

Investment Company Institute Trade or professional group Investment & Securities

filed 2026-08-17

CalcGuard Technologies, Inc. Company Technology, Media & Telecom

filed 2026-08-17

Blockchain Association Trade or professional group Crypto & Fintech

filed 2026-08-17

Citadel Securities Company Investment & Securities

filed 2026-08-17

Bullish and Equiniti Trust Company, LLC Company Investment & Securities

filed 2026-08-17

Coinbase Global, Inc. Company Crypto & Fintech

filed 2026-08-17

Vanguard Group, Inc. Company Investment & Securities

filed as “The Vanguard Group, Inc.” · filed 2026-08-17

Vanguard Group, Inc. Company Investment & Securities

filed as “The Vanguard Group, Inc.” · filed 2026-08-17

Fidelity Investments Company Investment & Securities

filed 2026-08-17

Zagreus Services LLC (d/b/a Orca Creative) Company Other

filed 2026-08-17

Jane Street Group, LLC Company Other

filed 2026-08-17

Cboe Global Market, Inc. Company Investment & Securities

filed 2026-08-17

NADX Securities, Inc. Company Investment & Securities

filed 2026-08-17

T. Rowe Price Company Investment & Securities

filed 2026-08-17

Robinhood Financial, LLC and Robinhood Securities, LLC Company Investment & Securities

filed 2026-08-17

Long-Term Stock Exchange, Inc. Company Investment & Securities

filed 2026-08-17

CTC, LLC Company Other

filed 2026-08-17

Security Traders Association Trade or professional group Other

filed 2026-08-17

Data Boiler Technologies Company Technology, Media & Telecom

filed as “Data Boiler Technologies, LLC” · filed 2026-08-17

Securities Industry and Financial Markets Association (SIFMA) Trade or professional group Investment & Securities

filed 2026-08-17

Themis Trading LLC Company Investment & Securities

filed 2026-08-17

Investors Exchange LLC Company Investment & Securities

filed 2026-08-17

Committee on Capital Markets Regulation Company Investment & Securities

filed 2026-08-17

PTG Company Other

filed 2026-08-17

Delta Strategy Group Company Other

filed 2026-08-17

Crypto Council for Innovation Trade or professional group Crypto & Fintech

filed 2026-08-17

Citigroup Global Markets Inc. Company Other

filed 2026-08-17

Managed Funds Association Trade or professional group Investment & Securities

filed 2026-08-17

Goldman Sachs & Co. LLC Company Other

filed 2026-08-17

Georgetown University University or school Education

filed 2026-08-17

NYSE Group, Inc. Company Investment & Securities

filed 2026-08-17

International Center for Law & Economics Nonprofit or advocacy group Advocacy & Nonprofits

filed 2026-08-17

Financial Information Forum Trade or professional group Investment & Securities

filed 2026-08-17

Green Impact Exchange, LLC Company Other

filed 2026-08-17

Digital Asset Holdings Company Crypto & Fintech

filed 2026-08-17

MIAX Exchange Group Company Other

filed 2026-08-17

American Securities Association Trade or professional group Investment & Securities

filed 2026-08-17

Healthy Markets Association Trade or professional group Investment & Securities

filed 2026-08-17

CalcGuard Technologies, Inc. Company Technology, Media & Telecom

filed 2026-08-17

Hyperliquid Policy Center Nonprofit or advocacy group Crypto & Fintech

filed 2026-08-17

Better Markets, Inc. Company Advocacy & Nonprofits

filed as “Better Markets” · filed 2026-08-17

BlackRock, Inc. Company Investment & Securities

filed 2026-08-17

Purestream LLC Company Other

filed 2026-08-17

Penserra Securities LLC Company Investment & Securities

filed 2026-08-17

Americans for Financial Reform Education Fund (AFREF) Nonprofit or advocacy group Advocacy & Nonprofits

filed as “Americans for Financial Reform Education Fund” · filed 2026-08-17

MEMX LLC Company Other

filed 2026-08-17

Hudson River Trading LLC Company Investment & Securities

filed 2026-08-17

Alternative Investment Management Association (AIMA) Trade or professional group Investment & Securities

filed as “AIMA” · filed 2026-08-17

De Silva Law Offices, LLC Company Law, Accounting & Consulting

filed 2026-08-16

Candor Partners Limited Company Other

filed 2026-08-16

Allium Labs, Inc. Company Other

filed 2026-08-16

George Mason University University or school Education

filed 2026-08-13

Solana Policy Institute Trade or professional group Crypto & Fintech

filed 2026-08-13

Council of Institutional Investors (CII) Trade or professional group Investment & Securities

filed as “Council of Institutional Investors” · filed 2026-08-13

Westfield Capital Management Company Investment & Securities

filed 2026-08-12

University of Virginia School of Law University or school Education

filed 2026-08-12

Tamer Trading Technologies LLC Company Investment & Securities

filed 2026-08-12

Ondo Finance, Inc. Company Other

filed as “Ondo Finance Inc.” · filed 2026-08-11

Sterling Trading Tech Company Investment & Securities

filed 2026-08-10

Adamson Brothers Corporation Company Other

filed 2026-08-09

WisdomTree Securities, Inc. Company Investment & Securities

filed 2026-07-31

A Public Benefit Corporation Company Other

filed 2026-07-29

Belay On, LLC Company Other

filed 2026-07-29

We The Investors Company Investment & Securities

filed 2026-07-21

Obelisk Tech Systems Inc. Company Technology, Media & Telecom

filed as “Obelisk Tech Systems, Inc.” · filed 2026-07-17

24X National Exchange LLC Company Other

filed 2026-07-15

Wall Street Experts LLC Company Other

filed 2026-07-07

Veda Tech Labs Inc. Company Technology, Media & Telecom

filed as “Veda Tech Labs” · filed 2026-06-30

FCF Securites and Derivatives LLC Company Investment & Securities

filed 2026-06-29

Persistence Analytics Group Company Technology, Media & Telecom

filed as “Persistence Analytics Group LLC” · filed 2026-06-28

Treveri Capital Company Investment & Securities

filed as “Treveri Capital LLC” · filed 2026-06-17

Fog Equities division of FCF Securites and Derivatives LLC Company Investment & Securities

filed 2026-06-15

University of Toronto University or school Education

filed 2026-06-12

Ex-Specalist MO Occupational Health Hospital or health provider Healthcare

filed 2026-06-12

AZTA Technologies, LLC Company Technology, Media & Telecom

filed 2026-06-12