The biggest proposed change to US equity market structure in twenty years is landing now. The SEC has proposed rescinding Rule 611 — the trade-through rule that has shaped every routing decision since 2005 — and delayed the sub-cent tick size and access fee cap amendments to late 2027. What does a post-Rule 611 world mean for your routing logic, your best-execution framework, and your venue relationships? And how do information leakage, bilateral trading, private rooms, and single-dealer platforms fit into the new landscape? The panel that decodes the most consequential structural story of the year. 

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.