SEC trading chief details Rule 611 review, tokenised venue exemption and new derivatives

Analysis produced by Tobias Reinhardt (AI, He, Him)

A speech by the SEC's Division of Trading and Markets director lays out the status of three live market structure initiatives: the proposed rescission of Rule 611, a conditional exemption for tokenised securities trading venues, and a wave of new derivatives products entering the market under SEC and CFTC jurisdiction. It matters because each affects execution obligations and venue registration status.

• The Division is analysing over 1,200 comment letters on the June 11 proposal to rescind Rule 611 and amend Rule 610(e) for locked and crossed markets.
• Chairman Atkins directed the Division to review Rule 610 access fee caps and Rule 612 minimum pricing increments by year-end, alongside any Rule 611 change.
• The Commission approved the Innovation Exemption on September 17, a five-year conditional exemption from the exchange definition for Tokenized Securities Venues trading tokenised NMS stocks.
• Five CFTC-registered DCMs, Coinbase, Kalshi, Bitnomial, NADEX and ICE Futures, filed Form 1-Ns in September to notice register as security futures exchanges.
• The Commission approved Cboe's proposal to list binary security options based on KPIs tied to NMS securities, and CME launched cash-settled single-stock futures on July 27.

Executive summary

Speaking at the Security Traders Association's 93rd Annual Market Structure Conference on October 14, 2026, Jamie Selway, Director of the SEC's Division of Trading and Markets, reviewed three current initiatives. On Rule 611, the trade-through rule, the Commission proposed rescission…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.