The regulatory framework that has governed US equity market structure since 2005 is being fundamentally rewritten. This panel decodes what the proposed changes mean for routing logic, venue economics, and best-execution obligations — before the rules land.

• What a post-Rule 611 market actually looks like for desks that built routing logic around trade-through protection

• Sub-cent pricing and access fee cap amendments: what the timeline means for your venue economics today

• How bilateral relationships, private rooms, and single-dealer platforms are repositioned in the new landscape

• Information leakage and best-execution obligations when the floor protecting your routing logic is removed

The market you're measuring no longer looks like the market your TCA was built for. Bilateral streams don't print to the tape. AI-driven routing makes thousands of micro-decisions no benchmark was designed to judge. Overnight sessions trade in liquidity conditions your peer universe has never seen. This panel brings together buy-side analytics leaders and execution researchers to get practical about what comes next: which of your current metrics still tell the truth, where standard benchmarks now reward the wrong behavior, what pre-trade and real-time analytics can actually deliver today, and how the best desks are rebuilding their measurement frameworks to keep pace. Leave with a clear-eyed view of what to keep, what to fix, and what to throw out.