The U.S. House Financial Services Committee's Capital Markets Subcommittee held a hearing on whether current equity market structure rules remain fit for purpose, with prepared opening remarks from Subcommittee Chair Anne Wagner arguing that Regulation National Market System, including Rule 611, should be revisited. Wagner framed the discussion around whether long-standing SEC rules still support competition, innovation and investor outcomes in a market reshaped by zero-commission trading and more complex order routing. Her remarks said zero-commission trading has expanded retail participation, with retail investment volume up nearly 50 percent between 2023 and 2025, while Reg NMS has been in place for more than 20 years. The hearing was positioned to test whether the growing number of exchanges increases competition or mainly adds compliance costs, whether current rules deter new entrants, and whether Rule 611 still delivers the best outcome for investors. Wagner also pointed to a day earlier this year when U.S. equity trading exceeded USD 1 trillion and welcomed SEC Chairman Atkins' broader review of the framework.
U.S. Financial Services Committee2026-05-20
U.S. House Financial Services Committee opens equity market structure hearing focused on updating Reg NMS and Rule 611
The U.S. House Financial Services Committee’s Capital Markets Subcommittee held a hearing on whether existing equity market structure rules, including Regulation National Market System and Rule 611, remain fit for purpose. Subcommittee Chair Anne Wagner questioned if long-standing Securities and Exchange Commission rules still promote competition, innovation and investor outcomes amid zero-commission trading, increased retail participation and complex order routing, and welcomed SEC Chairman Atkins’ broader review.