In Episode 73, we recap the recent SEC Roundtable on Rule 611 (aka the Trade Through or Order Protection Rule). SEC Chair Paul Atkins has long been opposed to the rule that forces linkages between exchanges to ensure investors always receive the best price. In his view, Atkins believes 611 stifles innovation and limits competition. Joining us for the discussion are two of the roundtable participants, Hubert DeJesus of Blackrock and Professor James Angel from Georgetown University, both market structure experts, along with the TMX's Head of Product Doug Clark, an interested observer from his perch in Toronto. The group discusses the need for the rule, the lack of apparent opposition to its removal, the likelihood the rule disappears and market structure implications if it does get eliminated. The group also discusses the elephant in the room, tokenization of equity trading, and how the crypto market might benefit if 611 is removed. This podcast was recorded on October 2, 2025. Chapter Headings 02:00    Why Rule 611 is Like Scaffolding? 06:08    Why No Market Participants Spoke Out in Support of the Rule? 16:57   What is An IBBO And EBBO? 20:23    Laundry List of Issues to Address if Rule is Eliminated 37:02    How Changes to SIP Fees are Implemented 42:23    Can Trad-Fi and De-Fi Co-exist in a Global Equity Ecosystem? 46:03    Using Exemptive Relief "Sandbox" For Equity Tokens and Potential For Litigation