New U.S. market-structure disclosure requirements are prompting MEMX Equities to revise how it reports execution quality data. The exchange begins collecting the required data on August 1, 2026, with updated reports and a new summary report set for public release in September 2026.
Highlights
- MEMX will begin collecting data in preparation for amended Rule 605 disclosure requirements and a new execution-quality summary report, effective August 2026.
- Amended 605 Reports expand to include Non-Marketable Limit Orders, non-exempt short-sale orders, updated order-size and order-type categories, and new execution quality statistics.
- MEMX introduces a new monthly summary report on executions of market and marketable limit orders, split by S&P 500 and non-S&P 500 NMS stocks, with detailed order analysis.
Reporting changes take effect in August 2026
As reported by MEMX, the exchange starts collecting the data needed to comply with amended Rule 605 disclosure requirements under Regulation NMS and to produce a new execution-quality summary report.From the effective date, the existing 605 Reports expand the scope of covered orders to include any Non-Marketable Limit Order, or NMLO, and non-exempt short-sale orders. MEMX also modifies order-size categories, creates new order-type categories, updates time-to-execution reporting categories, and adds new statistical measures of execution quality.
New monthly summary broadens market visibility
In addition to the existing 605 Report, MEMX introduces a monthly summary report covering executions of all covered orders that are market orders and marketable limit orders. The new format is designed to provide a broader view of execution statistics across covered trading activity.The summary report is split into two sections, NMS stocks included in the S&P 500 Index as of the first day of the month, and other NMS stocks. Within each section, the data is categorized by order type and order size, giving market participants a more structured view of execution quality across different groups of securities.
Our earlier coverage of MEMX’s SEC Rule 605 reports explained that the exchange publishes monthly, stock-by-stock execution-quality disclosures for NMS securities through its customer portal. We also highlighted MEMX’s caveats that the figures may not be directly comparable across venues due to market-structure and methodology differences, and that the unaudited reports may contain errors and shouldn’t be the sole basis for order-routing decisions.
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