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  • My Take On Tick: Statement On Adoption Of Regulation NMS: Minimum Pricing Increments, Access Fees, And Transparency Of Better Priced Orders, SEC Commissioner Hester M. Peirce, Sept. 18, 2024

    Date 18/09/2024

    The final rule before the Commission today is a significant improvement over the proposal. It replaces an overly granular set of minimum pricing increments with a more reasonable single additional increment at a half-penny; it replaces a one-month review period for determining each security’s appropriate tick size with a more generous three-month review period and makes adjustments to the minimum tick size for each stock only twice a year, rather than once each quarter. It abandons an ill-advised proposal to mandate minimum trading increments across exchange and off-exchange transactions. It provides a longer implementation period and commits the Commission to conducting a study of the rule’s effects and outlines how the Commission will determine whether the rule has achieved the Commission’s objectives.

  • Reducing Trading Costs For All Investors, SEC Commissioner Jaime Lizárraga, Sept. 18, 2024

    Date 18/09/2024

    The Commission is reforming how exchanges quote individual stock prices, the fees investors pay to access orders on exchanges, and the price transparency of smaller orders. In a change from the status quo, the amendments will also provide real-time disclosure of exchanges’ access fees and rebates. The rules governing current market practices have not been updated in almost two decades, but the Commission’s reforms will result in lower transactions costs that benefit all investors.

  • Federal Reserve Board And Federal Open Market Committee Release Economic Projections From The September 17-18 FOMC Meeting

    Date 18/09/2024

    The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the September 17-18 meeting.

  • Federal Reserve Issues FOMC Statement

    Date 18/09/2024

    Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have slowed, and the unemployment rate has moved up but remains low. Inflation has made further progress toward the Committee's 2 percent objective but remains somewhat elevated.

  • Statement On Adoption Of Rule Regarding Regulation NMS: Minimum Pricing Increments, Access Fees, And Transparency Of Better Priced Orders, SEC Commissioner Mark T. Uyeda, Sept. 18, 2024

    Date 18/09/2024

    Thank you, Chair Gensler. Today, the Commission is adopting a change in the required minimum pricing increments—also known as the “tick size”—for expressions of trading interests in national market system (NMS) stocks. In addition, the Commission is reducing access fee caps and requiring more transparency of certain better priced orders. As the Commission observed when it originally adopted Regulation NMS, a minimum tick size can encourage the provision of liquidity by constraining the ability of market participants to gain an execution priority over pre-existing orders by providing an economically insignificant improvement in the bid or ask. However, if a tick size is too large, it can discourage price competition on national securities exchanges and cause market participants to seek out other venues that might lower transaction costs. Given that optimal tick size can depend on the characteristics of the market and the security being traded and may be affected by changes in technology and communications, the question of the required minimum pricing increment is one that should be revisited on a regular basis. It has been nearly 20 years since the Commission last did so. I am pleased that the Commission has now undertaken this effort.

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