Robinhood backs plan to drop a little-known market price guardrail
Robinhood is backing the SEC's plan to rescind Rule 611, the order-protection rule that requires brokers to respect the best public price (NBBO) across hundreds of venues. Robinhood argues the rule is outdated in a modern, multi-venue market and that brokers would still owe best execution. Critics like Themis Trading’s Joe Saluzzi warn that removing the bright-line rule could weaken the public quote as trading expands to off-exchange and tokenized stock venues.