Transaction Fee Pilot for NMS Stocks

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission 17 CFR Parts 200 and 242 [Release No. 34-84875; File No. S7-05-18] RIN 3235-0761 AGENCY: Securities and Exchange Commission. ACTION: Final rule. SUMMARY: The Securities and Exchange Commission (“Commission” or “SEC”) is adopting a new rule of Regulation National Market System (“Regulation NMS”) under the Securities and Exchange Act of 1934 (“Exchange Act”) to conduct a Transaction Fee Pilot (“Pilot”) for National Market System (“NMS”) stocks to study the effects that exchange transaction fee-and-rebate pricing models may have on order routing behavior, execution quality, and market quality. We expect the data generated by the pilot, combined with data from existing sources, will facilitate an empirical evaluation of whether the existing exchange transaction-based fee and rebate structure is operating effectively to further statutory goals. DATES:   Effective date: April 22, 2019 through December 29, 2023. Compliance date: As designated by Notice pursuant to 17 CFR 242.610T(c)(2) . FOR FURTHER INFORMATION CONTACT: Richard Holley III, Assistant Director; Johnna Dumler, Special Counsel; Erika Berg, Special Counsel; or Benjamin Bernstein, Special Counsel, each with the Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549, or at (202) 551-5777. SUPPLEMENTARY INFORMATION: The Commission is adopting new 17 CFR 242.610T …