Regulatory Alerts2019-02-20 | 2018-27982Added
Transaction Fee Pilot for NMS Stocks
The Securities and Exchange Commission adopted Rule 610T to conduct a Transaction Fee Pilot for National Market System stocks, aiming to study the effects of exchange fee-and-rebate pricing models on order routing and market quality. The two-year pilot, effective from April 2019 to December 2023, stratifies selected securities into test groups with modified fee caps and rebate restrictions alongside a control group to generate empirical data. This initiative seeks to evaluate whether the current regulatory framework effectively promotes fair and orderly markets and to inform potential future policy decisions regarding access fees.
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