On July 18th, the Securities and Exchange Commission ("SEC") published the adopting release and text of new Rule 613 under the Securities Exchange Act of 1934. The new rule requires national securities exchanges and national securities associations to submit a national market system ("NMS") plan to create, implement, and maintain a consolidated order tracking system, or consolidated audit trail, with respect to the trading of NMS securities, that would capture customer and order event information for orders in NMS securities from the time of order inception through routing, cancellation, modification, or execution. The new rule is effective 60 days after publication in the Federal Register, which is expected during the week of July 23. SEC Release No. 34-67457.