Proposed Rule
Volume-Based Exchange Transaction Pricing for NMS Stocks
Overview
The Securities and Exchange Commission (“Commission”) is proposing a new rule under the Securities Exchange Act of 1934 (“Exchange Act”) to prohibit national securities exchanges from offering volume-based transaction pricing in connection with the execution of agency-related orders in certain stocks. If exchanges offer such pricing for their members’ proprietary orders, the proposal would require the exchanges to adopt rules and written policies and procedures related to compliance with the prohibition, as well as disclose, on a monthly basis, certain information including the total number of members that qualified for each volume tier during the month.
Resources
Details
Public Comments Due
on or before January 5, 2024.
File Number
S7-18-23
Rule Type
Proposed
Release Number
34-98766
SEC Issue Date
Oct. 18, 2023
Federal Register Publish Date
Nov. 6, 2023
Document Citation
88 FR 76282
RIN
RIN 3235-AN29
Public Comments