MFA urged the SEC not to rescind the Trade-Through Rule and Locked and Crossed Markets Provision without further analysis.
MFA explains that:
- The existing rules support displayed liquidity, price discovery, competition, and strong execution quality.
- The SEC has not demonstrated that rescission would improve outcomes for investors or address market fragmentation.
- Removing the rules could weaken the reliability of the national best bid and offer.
- The SEC should assess the effects on best execution and other regulations that rely on the current framework.
- Targeted alternatives could address market complexity with fewer risks than full rescission.
