ICE · 10-Q · 2026Q3 · Full report

Equity Market Structure Rules

Intercontinental Exchange, Inc. · 2026-10-29 · Importance 40 · Surprise 42 · In source text

In June 2026, the SEC proposed changes to Regulation NMS Rule 611 and Rule 610(e), which ICE says could significantly change U.S. equity market structure and affect trading venues, including by potentially reducing fragmentation. The SEC also issued an Innovation Exemption providing a time-limited conditional exception from exchange registration for on-chain trading of tokenized U.S.-listed securities, potentially allowing competitors to trade those securities with fewer regulatory requirements. In April 2026, the SEC opened a comprehensive review of the Consolidated Audit Trail, and SEC leadership later said it was considering fundamental changes to address cost, governance and funding. Those changes could substantially alter exchange funding obligations and regulatory capabilities; private litigation is ongoing.

Key facts

• A June 2026 SEC proposal to amend Regulation NMS Rules 611 and 610(e), if adopted, could meaningfully affect market and competitive dynamics for equity trading venues, including by potentially reducing fragmentation. source
• The SEC’s time-limited Innovation Exemption for on-chain trading of tokenized U.S.-listed securities could allow venues to compete with fewer regulatory requirements and affect trading volumes on ICE securities exchanges. source

Impact estimates