Federal securities regulators are reportedly scheduled to vote Dec. 15 on reforms to the national market system, including a provision requiring brokers to execute customer orders at the best price available regardless of which exchange that price exists on.

The Securities and Exchange Commission is expected to adopt a comprehensive set of rules known as Reg MS that will update how markets function. Their primary aim is to allow for the implementation of more efficient electronic trading platforms. The final draft of Reg MS is quite different from the preliminary proposal floated on Feb. 24.

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