les for equity markets show its commitment to competition advocacy and ensuring all federal agencies consider competition within their jurisdictions. The DOJ’s public comments seem to suggest a lack of pre-issuance coordination between SEC and DOJ. Under Biden’s “whole of-government” approach to promoting competition and improving efficiency, we would have expected DOJ’s input before the SEC published its proposed rules. It will be interesting to see if the SEC responds to the DOJ, makes substantive changes in its final rule, or strengthens coordination with the DOJ in future rulemaking proceedings.FOOTNOTES Disclosure of Order Execution Information, 88 Fed. Reg. 3786 (Jan. 20, 2023) (“Rule 605 Proposal”). Regulation NMS: Minimum Pricing Increments, Access Fees, and Transparency of Better Priced Orders, 87 Fed. Reg. 80,266 (Dec. 29, 2022) (“Regulation NMS Proposal”). Order Competition Rule, 88 Fed. Reg. 128 (Jan. 3, 2023) (“Order Competition Rule Proposal”). Regulation Best Execution, 88 Fed. Reg. 5440 (Jan. 27, 2023) (“Regulation Best Execution Proposal”).

g plan, or an effective NMS plan for reporting transactions in listed options) other than an option. 17 CFR 242.600(b)(54)-(55). Over-the-counter, or OTC, securities are not included in the definition of NMS stock. See Rule Proposal at 131 n. 16.[4]SEC, Order Competition Rule: Submitted Comments (last visited February 3, 2023).[5]See Rule Proposal at 179 (acknowledging “considerable uncertainty in the costs that would arise from Proposed Rule 615” and anticipated costs (1) to the operations of wholesalers and some retail brokers generally, (2) to retail brokers from wholesalers altering the costs associated with handling orders, (3) to open competition trading centers associated with creating qualified auctions, and (4) to broker-dealers and trading centers related to establishing policies and procedures to ensure compliance with the Proposed Rule 615).[6]See Rule Proposal at 129.[7]See Rule Proposal at 178.[8]See Rule Proposal at 218.[9]Regulation Best Execution, Exchange Act Release No. 96496, 88 Fed. Reg. 5440 (January 27, 2023).[10]See Disclosure of Order Execution Information, Exchange Act Release No. 34-96493, 88 Fed. Reg. 3786 (January 20, 2023); Regulation NMS: Minimum Pricing Increments, Access Fees, and Transparency of Better Priced Orders, Exchange Act Release No. 34-96494, 87 Fed. Reg. 80266 (December 29, 2022); Regulation Best Execution, supra note 9.[11]See Rule Proposal at 225.[12]The SEC notes that Regulation NMS does not formally define the term “wholesaler”; however, it refers to an over-the-counter market makers that seek to attract orders from retail broker-dealers. See Rule Proposal at 132.[13]See Rule Proposal at 130.[14]See Lydia Beyoud and Katherine Doherty, SEC Set to Let Wall Street Keep Payment-for-Order-Flow Deals, BNN Bloomberg (September 22, 2022).[15]See Rule Proposal at 218.[16]See Rule Proposal at 131.[17] See Press Release; Rule Proposal at 146.[18]See Proposed Rule at 158-159.[View source.]