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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
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.