The Securities and Exchange Commission proposed new rules to enhance the disclosure by broker-dealers related to the routing of customer orders. Among other things, the SEC proposed that, upon request, customers could be able to obtain specific information regarding the routing and execution of their so-called “institutional orders” (i.e., orders in exchange listed stocks with an original market value of US $200,000 or more) for the prior six months. It would also require broker-dealers to post on their website aggregate information regarding such institutional orders for each calendar quarter. The SEC proposed that, in connection with current mandatory disclosures regarding retail orders, broker-dealers provide more detailed information about payments received from or paid to execution venues; report routing information by month (not by calendar quarter); and separate reporting information for limit orders that are marketable and non-marketable. The SEC claimed that it is proposing its new rules because it believes that “market-based efforts to provide institutional order handling transparency may not be sufficient insofar as small institutional customers may lack the bargaining power or the resources to demand relevant order handling information from their broker dealers.” Comments on its order handling disclosure requirement will be accepted by the SEC through 60 days following their publication in the Federal Register.