Regulatory Alerts2022-12-14
Regulation NMS: Minimum Pricing Increments, Access Fees, and Transparency of Better Priced Orders
The Securities and Exchange Commission proposes amending Regulation NMS to implement variable minimum pricing increments for quoting and trading National Market System stocks, reducing the fixed $0.01 tick size to $0.005 for tick-constrained equities priced at or above one dollar. The proposal simultaneously lowers statutory access fee caps to align with the reduced tick sizes and mandates that all exchange fees and rebates be determinable at execution. Additionally, the Commission accelerates Market Data Infrastructure rules to enhance transparency by requiring earlier and more comprehensive display of round lot and best odd-lot order information.
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