News Centre

Increasing Competition And Improving Transparency In U.S. Equity Markets, SEC Commissioner Jaime Lizárraga, Dec. 14, 2022

Date 14/12/2022

Today, the Commission is proposing substantial reforms to existing rules and adopting new rules aimed at improving transparency and increasing competition in the U.S. equities market.  By shedding more light on best execution of trades and fees, and increasing competition among trading venues, this package will lower transaction costs for retail investors. It will also expand the availability of decision-useful information to all market participants – especially working families who seek to build wealth by participating in our markets.

Statement On Proposals Related To Equity Market Structure, SEC Commissioner Caroline A. Crenshaw, Dec. 14, 2022

Date 14/12/2022

The equity markets are a place where Americans can invest and grow their savings, for everything from retirement, to a child’s education, to buying a new home or taking a well-earned vacation.  In order for the markets to serve this purpose, investors must have confidence in their trading venues and market intermediaries – and this requires well-regulated, well-functioning markets that are efficient, competitive and transparent.  When investors lack confidence in the public equity markets, it may manifest in people seeking out other, riskier investments, such as those offered on the more opaque private and over-the-counter markets, or involving non-compliant crypto entities.

SIFMA Fixed Income Market Close Recommendations In The U.S., The U.K. And Japan For The New Year’s Day Holiday

Date 14/12/2022

SIFMA has confirmed its previous holiday recommendations for the U.S., the U.K., and Japan in observance of the New Year’s Day

Statement On Disclosure Of Order Execution Information, SEC Commissioner Hester M. Peirce, Dec. 14, 2022

Date 14/12/2022

Thank you, Mr. Chair.  And thank you to the staff who worked on this release and the rest of the package of proposed reforms to the structure of our capital markets we are considering today.  The four releases in that package are here before us because a lot of members of the staff worked late, worked weekends, and missed out on time with family and friends.  I appreciate the staff’s hard work over the past several months on all of these releases and your engagement with my office.  I hope that you all will find some time to relax over the holidays before the comment letters start pouring in.

Statement On Proposed Rule Regarding Regulation NMS: Minimum Pricing Increments, Access Fees, And Transparency Of Better Priced Orders, SEC Commissioner Mark T. Uyeda, Dec. 14, 2022

Date 14/12/2022

Thank you, Chair Gensler.  The Commission is proposing variable minimum pricing increments for both the quoting and trading of national market system stocks, a reduction of access fee caps, and an improvement in the transparency of certain better priced orders.  Due to the technological changes since Regulation NMS was adopted, including the massively increased speeds and processing power used in electronic trading, the market standard known as “tick size” ought to be reconsidered.

Statement On Proposed Rule Regarding Disclosures Of Order Execution Information, SEC Commissioner Mark T. Uyeda, Dec. 14, 2022

Date 14/12/2022

Thank you, Chair Gensler.  Today, the Commission proposes to update the Rule 605 disclosure requirements for order executions in national market system stocks.  Technology and market structure have evolved rapidly since the year 2000, when the Commission last addressed the substance of these disclosures.  Speed is now of the essence.  As the proposal notes, “[o]rders may be matched, routed, or cancelled in microseconds and market information is transmitted nearly instantaneously.” Markets are now characterized by multiple venues, various types of orders, and the mix has changed over time.  Today’s proposal attempts to address these changes.  Among other things, the proposal would require time-based metrics to be recorded at a more granular level, scope in more order types and sizes, and expand the scope of reporting entities.

SEC Proposes Rules To Amend Minimum Pricing Increments And Access Fee Caps And To Enhance The Transparency Of Better Priced Orders

Date 14/12/2022

The Securities and Exchange Commission today proposed to amend certain rules under Regulation NMS to adopt variable minimum pricing increments, or “tick sizes,” for the quoting and trading of NMS stocks, reduce access fee caps for protected quotations, and accelerate the transparency of the best priced orders available in the market. The proposed amendments are designed to enhance trading opportunities for all investors and to help ensure that orders placed in the national market system reflect the best prices available for all investors.

Federal Reserve Board And Federal Open Market Committee Release Economic Projections From The December 13-14 FOMC Meeting

Date 14/12/2022

The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the December 13-14 meeting.

Federal Reserve Issues FOMC Statement

Date 14/12/2022

Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures.

SIFMA Statement On SEC Equity Market Structure Proposals

Date 14/12/2022

SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the SEC proposals on equity market structure reform:

“The U.S. equity markets are incredibly efficient and resilient and investors, especially retail investors, have the greatest ease of access, lowest cost of trading and best execution in history."