Proposed Rule Change to Amend FINRA Rule 6272 (Character of Quotations)
Summary
FINRA has filed a proposed rule change with the SEC to amend FINRA Rule 6272 concerning the Character of Quotations. This amendment aims to modify the operation of the Alternative Display Facility (ADF) to align with new requirements from SEC Regulation NMS regarding the dissemination of odd-lot quotation information.
What changed
FINRA is proposing to amend Rule 6272 to update the Alternative Display Facility's (ADF) operations in response to new dissemination requirements for odd-lot quotation information under SEC Regulation NMS. The proposed change, identified by SR-FINRA-2026-006, seeks to ensure the ADF's functionality is consistent with the updated regulatory landscape for quotation data.
Broker-dealers and market participants should review the proposed rule change to understand how the ADF's operation will be modified. While this is a proposed rule change, it signals an upcoming adjustment to quotation dissemination practices. Compliance officers should monitor the SEC's review process and prepare for potential implementation of the amended rule, which may affect how odd-lot quotations are displayed and disseminated.
What to do next
- Review the proposed rule change SR-FINRA-2026-006 for potential impacts on ADF operations.
- Monitor SEC review and approval process for the proposed rule change.
- Prepare for potential implementation of amended FINRA Rule 6272 regarding odd-lot quotation dissemination.
Source document (simplified)
Proposed Rule Change to Amend FINRA Rule 6272 (Character of Quotations) to Modify the Operation of the Alternative Display Facility in Light of SEC Regulation NMS's New Requirements Related to the Dissemination of Odd-Lot Quotation Information
Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to amend FINRA Rule 6272 (Character of Quotations) to modify the operation of the Alternative Display Facility (“ADF”) in light of SEC Regulation NMS’s new requirements related to the dissemination of odd-lot quotation information.
| Title | Format - Size | Status |
| --- | --- | --- |
| Text of the Proposed Rule Change | PDF - 312.6 KB | New |
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