Regulatory Alerts2023-11-06 | 2023-23398Added
Volume-Based Exchange Transaction Pricing for NMS Stocks
The Securities and Exchange Commission proposes a new rule to prohibit national securities exchanges from offering volume-based transaction pricing for agency-related orders in NMS stocks. If exchanges continue to provide such pricing for proprietary orders, they must adopt compliance policies and disclose monthly data on the number of members qualifying for each volume tier. The proposal aims to address concerns regarding competition among members, conflicts of interest, and exchange competition within the national market system.
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