National Financial - Trade Execution Quality > SEC Rule 605
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SEC Rule 605
SEC Rule 606
Definitions
About SEC Rule 605

The SEC's customer disclosure rule, SEC Rule 605, requires market centers to disclose monthly data about the quality of their trade executions. Each monthly report will disclose execution quality data based on the previous month's trading activity.

The report for Fidelity's market center can be accessed below.

Pursuant to the "Joint Industry Plan; Order Approving Plan Establishing Procedures Under Rule 605 by American Stock Exchange, Boston Stock Exchange, Chicago Stock Exchange, Cincinnati Stock Exchange, National Association of Securities Dealers, New York Stock Exchange, Pacific Exchange, and Philadelphia Stock Exchange" (Joint Industry Plan) the execution quality data provided in the reports must be in a standard format.

Learn more about the SEC's Joint Industry Plan, which details reporting regulations. The Securities Industry Association has provided information about order disclosure and this rule.

Fidelity has also prepared definitions to help you understand some of the terminology that is detailed in the above report.

What is a Market Center?

Market centers include exchange market makers (e.g. specialist), OTC market makers, alternative trading systems, national securities exchanges (e.g. New York Stock Exchange, Inc.), or national securities associations (e.g. National Association of Securities Dealers, Inc.).
 

Fidelity's Market Center

Fidelity, through NFS, operates a market center:

Nasdaq
    (specialist)