In a document published by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) proposed adding IntelligentCross as a new entrant to the Alternative Display Facility (ADF). This proposal includes modifications to IntelligentCross's ASPEN Fee/Fee matching model, updating its match priority criteria to align more closely with other trading venues. The changes aim to simplify the matching process and ensure fairer execution of trades by prioritizing orders based on price, display type, and the time of receipt. The SEC has opened the proposal for public comment to gather opinions from interested parties.
Simple Explanation
The financial rules people want to let a new company join a special place where stocks are shown and traded. They're trying to make it easier and fairer for everyone to buy and sell stuff by using new rules that say whose turn it is based on how much they want to pay and when they asked.