Final Rule
Transaction Fee Pilot for NMS Stocks
Overview
The Securities and Exchange Commission ("Commission' or "SEC') is adopting a new rule of Regulation National Market System ("Regulation NMS') under the Securities and Exchange Act of 1934 ("Exchange Act') to conduct a Transaction Fee Pilot ("Pilot') for National Market System ("NMS') stocks to study the effects that exchange transaction fee-and-rebate pricing models may have on order routing behavior, execution quality, and market quality. We expect the data generated by the pilot, combined with data from existing sources, will facilitate an empirical evaluation of whether the existing exchange transaction-based fee and rebate structure is operating effectively to further statutory goals.
Prior Actions
Proposed Rule (34-82873)
Release Number
34-82873
SEC Issue Date
March 14, 2018
Federal Register Publish Date
March 26, 2018
Document Citation
83 FR 13008
RIN
3235-AM04
Resources
Details
File Number
S7-05-18
Rule Type
Final
Release Number
34-84875
SEC Issue Date
Dec. 19, 2018
Effective Date
April 22, 2019
Federal Register Publish Date
Feb. 20, 2019
Document Citation
84 FR 5202
RIN
3235-0761