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Introduction The Order Protection Rule, also known as “Rule 611” or the “trade-through rule,” is a crucial provision within Regulation National Market System (NMS) designed to ensure investors receive fair execution prices when trading securities. This rule prevents trades from being executed at inferior prices to those displayed on other
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Introduction to the National Market System (NMS) The National Market System (NMS) is a crucial aspect of U.S. equity trading, governing activities across major formal exchanges and NASDAQ marketplaces. As one of the primary regulatory structures for trading in the United States, NMS plays an essential role in promoting fair
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