Clearpool Blog Institutional 606 – Opening a Window on Execution

In mid-2020, Securities and Exchange Commission (SEC) Rule 606(b)(3) came into full implementation. Rule 606(b)(3) (aka “Institutional 606”) adds an impressive data source for the buy side to help them navigate the increasingly complex world of order-routing analysis, execution quality review, conflict of interest management, and information leakage minimization. However, the information contained in the Institutional 606 reports is only delivered upon request by the buy side, so the question has to be asked – will the buy side be looking to the sell side to provide these reports?