Broker-Dealer Reg. NMS Initiative PMO

A large broker dealer needed to plan and coordinate changes across its equities trading infrastructure in preparation for implementing Regulation NMS Order Protection Rules. The client needed large program leadership to guide the program to completion within SEC timeframe.

Approach

A Markets Technology & Compliance consultant led a multi-discipline consulting team of project managers and business analysts. The team established a Project Management Office to define the Reg. NMS need and manage the program to modify 35 related trading and operational platforms.

During the engagement, we:

• Captured the key requirements of Regulation NMS Order Protection and related rules

• Compiled a working interpretation of the rules to facilitate analysis and planning

• Defined primary and subsidiary working groups along business lines

• Compiled a set of impacted trading platforms and drove a gap analysis

• Compiled a consolidated project plan for all program execution streams

• Facilitated weekly progress meetings and held executive briefings

• Followed up issues, coordinated issue tracking, and revised consolidated requirements

• Developed and produced program reporting and briefing tools

The PMO also developed a coordinated test strategy using available exchange test platforms.

Results

The client’s Reg. NMS initiative was implemented on time. A major challenge during the initiative was to maintain priority of the various projects against competing projects. The PMO adjusted its communications, escalated various project priorities, and elevated the program’s profile as needed throughout the effort.