SEC Temporary Relief From Certain Regulation NMS Pricing, Access Fee, and Round Lot Rules
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This order gives market participants more time before they must comply with selected changes to Regulation NMS, including rules on minimum stock pricing increments, exchange access fee caps, and round lot and odd-lot data requirements. The practical effect is a temporary pause or delay for exchanges, trading venues, broker-dealers, and market data systems that need to update technology, pricing models, routing practices, and compliance controls. Firms should track the revised compliance timeline and keep implementation plans ready rather than treating the relief as a permanent rollback.
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Key Changes
- Temporarily exempts certain market participants from complying with selected Regulation NMS amendments
- Covers rules on minimum pricing increments, access fee caps, and round lot and odd-lot information
- Gives exchanges, broker-dealers, trading venues, and market data systems more time to prepare operational and compliance changes
Obligations
What this law requires
Market participants covered by Regulation NMS must not treat the temporary exemptive relief from Rules 600(b)(89)(i)(F), 610(c), and 612 as permanent and should maintain implementation readiness for the amended requirements once the relief expires or is lifted.
Covered trading venues must prepare to apply a $0.005 minimum pricing increment for bids, offers, orders, and indications of interest priced at or above $1.00 per share in applicable NMS stocks once compliance with amended Rule 612 is required.
Covered trading venues must prepare to apply reduced access fee caps of $0.001 per share for protected quotations and other best bids and offers in NMS stocks priced at $1.00 or more per share once compliance with amended Rule 610(c) is required.
Covered trading venues must prepare to apply access fee caps of 0.1 percent of the quotation price for protected quotations and other best bids and offers in NMS stocks priced below $1.00 per share once compliance with amended Rule 610(c) is required.
Exchanges must ensure that exchange fees and rebates are determinable at the time of execution under Rule 610(d).