Robert Cope, Director of Markets and Operations Strategy for Trillium Surveyor, explains that rescinding Rule 611 would change the mechanics of routing across fragmented U.S. equity markets, but it would not change firms’ obligation to achieve best execution.

Without protected quotes serving as a standard routing benchmark, firms may need to place greater emphasis on price improvement, markouts, liquidity and fill quality, venue performance, routing outcomes, trading costs, and changing market conditions.