On June 23rd, the SEC's Division of Economic and Risk Analysis adopted amendments to Rule 605 of the Securities Exchange Act, which requires disclosures for order executions in national market system (NMS) stocks. The SEC is releasing the draft report for review and comment.
Under the rulemaking:
- Rule 605(a)(2) requires that every market center, broker, or dealer subject to Rule 605 reporting requirements produce a summary execution quality report. For more information, please see the Disclosure of Order Execution Information final rule.
- Rule 605 requires reporting entities to provide the summary execution quality report on a website that is free and available to the public using the current versions of the CSV schema and the associated PDF renderer as published on the SEC’s website.
For further details on the draft versions of the OES CSV Schema, Renderer, Sample Report and OES Technical Specification (both updated on June 23, 2025), please visit the SEC’s Draft Taxonomies and Schemas webpage.
Interested parties may email related technical feedback to StructuredData@sec.gov through 4 p.m. EST, July 23, 2025, with “Draft 2025 OES CSV Schema” as the subject.
Source:
DRAFT of Order Execution Summary (OES) Data Report (sec.gov)
