European Commission exploring US-style order protection rule among other market reforms
The TRADE
APRIL 16, 2025
Implemented as part of Reg NMS in 2005, the US order protection rule mandates that orders be executed on exchanges that show the best price. Orders are re-routed to other competing venues if it cannot be executed at what is considered the best price. The return of VWAP crossing? The rule change put a stop to exchanges plans in Europe.
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