The U.S. Securities and Exchange Commission today extended the compliance dates for a series of initiatives designed to modernize and strengthen the national market system (NMS).

In response to Regulation NMS and the desire of investors for more efficient trading, many exchanges are automating their equity trading systems, the SEC notes. The commission is extending the compliance dates to give these exchanges additional time to develop their new trading systems, and to give the securities industry time to establish the access to these trading systems.

The initial compliance date for the rules has been extended from June 29, to a series of five dates, beginning on Oct. 16. In addition, the commission has exempted self-regulatory organizations that participate in the joint industry plans for distributing market data from compliance with the amended formula for allocating market data revenues to the SROs until April 1, 2007.