SEC Proposes Transaction Fee Pilot for NMS Stocks

April 25, 2018

The U.S. Securities and Exchange Commission (SEC) voted unanimously on March 14, 2018 to propose Rule 610T under Regulation NMS (Proposed Rule), which would create a transaction fee pilot program for NMS stocks (i.e., exchange-listed stocks) (610T Pilot). As drafted, the Proposed Rule would: (1) impose temporary ceilings on certain stock exchange transaction fees, as discussed below; and (2) require the national securities exchanges to prepare and publicly post data gathered over the course of the 610T Pilot.

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