Display of Customer Limit Orders

Rule 604, 17 CFR 242.604, under the Securities Exchange Act of 1934, as amended, requires specialists and market makers to publish customer limit orders that are priced superior to the bids or offers being displayed by each such specialist or market maker. Customer limit orders that match the bid or offer being displayed by a specialist or market maker must be published if the limit price also matches the national best bid or offer and the size of the customer limit order is more than de minimis, more than 10% of the specialists or market makers displayed size). The information collection in the Limit Order Display Rule is a third-party disclosure requirement. The information is useful to investors because the publication of trading interest that improves specialists’ and market makers’ quotes presents investors with improved execution opportunities and improved access to the best available prices when they buy or sell securities.

The latest form for Display of Customer Limit Orders expires 2029-01-31 and can be found here.