---
title: Reg NMS Shades of Gray
description: Reg NMS Shades of Gray
---

[Articles Marketmedia](https://articles.marketsmedia.com)

# [Reg NMS Shades of Gray](https://articles.marketsmedia.com/reg-nms-shades-gray)

 Written by [Terry Flanagan](https://articles.marketsmedia.com/author/terry) | Aug 27, 2014 2:26:03 PM

There are “gray” areas in the implementation of Regulation NMS. Many of these gray areas arise because Reg NMS Rules 610 and 611 are intertwined. For example, a gray area of rule 610, Access to Quotations, is treatment the prohibition of locked markets and the “replenishment” from the “Reserve” portion of an order as part of Rule 611, the Order Protection Rule.

[Continue reading on The Book »](http://www.bloombergtradebook.com/blog/reg-nms-shades-gray/)

[View full post](https://articles.marketsmedia.com/reg-nms-shades-gray)

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