News Centre

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.

Statement On Minimum Price Increments, Access Fee Caps, Round Lots, And Odd-Lots, SEC Chair Gary Gensler, Sept. 18, 2024

Date 18/09/2024

Today, the Commission will consider updating rules for the $55 trillion equity markets. I am pleased to support these rules because they would enhance competition, efficiency, and fairness, benefitting investors and capital formation alike.

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

Date 18/09/2024

The Securities and Exchange Commission today adopted amendments to certain rules under Regulation NMS to adopt an additional minimum pricing increment, or “tick size,” for the quoting of certain NMS stocks, reduce the access fee caps for protected quotations of trading centers, increase the transparency of exchange fees and rebates, and accelerate the implementation of rules that will make information about the market’s best priced, smaller-sized orders publicly available. The amendments are designed to reduce transaction costs and improve market quality for all investors and to help ensure that orders placed in the national market system reflect the best prices available for all investors.

US Office Of The Comptroller Of The Currency Reports Mortgage Performance For Second Quarter Of 2024

Date 18/09/2024

The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the second quarter of 2024.

ISDA Letter To US Treasury Department On Listed Transactions

Date 18/09/2024

On September 11, ISDA submitted a letter in response to the US Department of the Treasury’s proposal to identify certain basket contract transactions as listed transactions. In the letter, ISDA argues that the proposed regulations would apply to many non-abusive transactions, would inappropriately take the place of substantive guidance and would generate compliance burdens and uncertainty for taxpayers.

B.C. Securities Commission To Return Additional Funds To Investor Of Illegally Distributed Securities

Date 18/09/2024

The B.C. Securities Commission (BCSC) will return an additional $178,750 to an investor who lost money as a result of an illegal distribution of securities.

CME Group SOFR Futures Reach New Volume And Open Interest Records

Date 18/09/2024

CME Group, the world's leading derivatives marketplace, today announced that its deeply liquid SOFR futures reached a new, all-time record average daily volume (ADV) of 5.4 million contracts in September and an open interest record of 13,159,646 contracts on September 17.

LSEG Netherlands B.V.: Publication Of Final Terms

Date 18/09/2024

The following Final Terms are available for viewing:

Final Terms dated 18 September 2024 of LSEG Netherlands B.V. for the €600,000,000 2.750 per cent. Guaranteed Notes due 20 September 2027 (ISIN: XS2904651093) (the Final Terms) (the Notes), unconditionally and irrevocably guaranteed by London Stock Exchange Group plc and issued pursuant to the £4,000,000,000 Euro Medium Term Note Programme of London Stock Exchange Group plc, LSEGA Financing plc, LSEG Netherlands B.V. and LSEG US Fin Corp. (the Programme).

Miami International Holdings Announces Index Licensing Agreement With Bloomberg

Date 18/09/2024

Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced it has entered into a licensing agreement with Bloomberg Index Services Limited (Bloomberg Indices) to develop a suite of index futures, options on futures, and cash options products based on Bloomberg Indices' portfolio of benchmarks. MIH will initially offer a number of equity index products which will be exclusively listed and traded on MIH's exchanges, subject to regulatory approval.

SEC Charges Broker-Dealer First Horizon With Regulation Best Interest Violations - Firm’s Structured Note Recommendations Violated Reg BI’s Compliance Obligation

Date 18/09/2024

The Securities and Exchange Commission today announced charges against registered broker-dealer First Horizon Advisors, Inc. for failing to maintain and enforce policies and procedures reasonably designed to achieve compliance with Regulation Best Interest (Reg BI). The charges relate to First Horizon’s recommendations of a type of derivative security called a structured note. First Horizon agreed to pay a civil penalty of $325,000 to resolve the SEC’s charges.