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  • Statement On Final Amendments To Rule 10b5-1 And Other Insider Trading Requirements, SEC Chair Gary Gensler, Dec. 14, 2022

    Date 14/12/2022

    Today, the Commission will consider whether to adopt amendments to Rule 10b5-1, as well as new required corporate disclosures related to executive officers’ and directors’ trading. I am pleased to support these new requirements because, if adopted, they will help close potential gaps in our insider trading regime.

  • Statement On The Final Rule: Insider Trading Arrangements And Related Disclosures, SEC Commissioner Mark T. Uyeda, Dec. 14, 2022

    Date 14/12/2022

    Thank you, Chair Gensler.  The Commission initially adopted rule 10b5-1 under the Securities Exchange Act of 1934 in the year 2000 and has not revised it since.  In the past 22 years, thousands of public company employees, directors, and officers have entered into written plans designed to satisfy rule 10b5-1’s affirmative defenses.  These “10b5-1 plans” have received much scrutiny because of concerns that corporate insiders have claimed reliance on an affirmative defense while possibly trading on the basis of material nonpublic information.  Today’s amendments are intended to address these concerns, attempting to strike the right balance between (1) eliminating opportunistic behavior and (2) providing a rule that can be implemented on a practical basis.  While I support the final amendments, which have been reached through discussions among the commissioners, I hope that market participants will provide the Commission with feedback on whether the right balance was struck.

  • Strengthening Insider Trading Rules For Corporate Insiders, SEC Commissioner Jaime Lizárraga, Dec. 14, 2022

    Date 14/12/2022

    Today, the Commission adopts reforms designed to tackle insider trading by corporate insiders. These reforms will strengthen investor protection and the integrity of our securities markets.

  • Statement On Proposal To Amend Rules Governing Access Fees And Tick Sizes And To Accelerate Certain Market Data Changes, SEC Commissioner Hester M. Peirce, Dec. 14, 2022

    Date 14/12/2022

    Thank you, Mr. Chair.  This proposal would amend discrete elements of Regulation NMS that have received significant attention from market participants.  These changes would include finer, variable tick sizes for quotations and orders and—notably—trading.  They also would include corresponding reductions in the access fees that national securities exchanges could charge for access to protected quotations.  In addition, the proposal would accelerate certain elements of the Market Data Infrastructure rule, including the new definitions of round lots and odd-lot information.  The proposal also would establish a consolidated best odd-lot order that would provide information about the price, size, and market of the best-priced odd-lot buy and sell orders.

  • Nadex Announces 2023 Holidays

    Date 14/12/2022

    Nadex will observe the following holidays in 2023, and may adjust listing hours for all or some of its contracts on these days:

  • Statement On Proposed Rule Regarding Order Competition, SEC Commissioner Mark T. Uyeda, Dec. 14, 2022

    Date 14/12/2022

    Thank you, Chair Gensler.  In 2005, the Commission adopted Regulation NMS, which promoted competition among venues for stock on the national market system.  At that time, the Commission observed, “[c]onsistent with Congressional intent, these stocks are traded simultaneously at a variety of different venues . . . including national securities exchanges, alternative trading systems, and market-making securities dealers.”  Market-making securities dealers, or wholesalers, are part of a competitive ecosystem in which customers and retail broker-dealers are all attempting to obtain good execution.

  • SEC Proposes Rule To Enhance Competition For Individual Investor Order Execution

    Date 14/12/2022

    The Securities and Exchange Commission today proposed a rule that would require certain orders of individual investors to be exposed to competition in fair and open auctions before such orders could be executed internally by any trading center that restricts order-by-order competition. 

  • 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