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The SEC proposed Rule 610T of Regulation NMS to conduct a
Transaction Fee Pilot in NMS stocks. The proposed pilot would
subject stock exchange transaction fee pricing, including
"maker-taker" fee-and-rebate pricing models, to new
temporary pricing restrictions across three test groups, and
require the exchanges to prepare and publicly post data. The
proposed pilot includes a test group that would prohibit rebates
and linked pricing, as well as test groups that would impose caps
of $0.0015 and $0.0005 for removing or providing displayed
liquidity, and would apply to all NMS stocks of any market
capitalization and would include all equities exchanges, including
"taker-maker" exchanges. The pilot would last for up to
two years with an automatic sunset at one year unless
extended.
Related News:
Chairman Clayton's comments on proposed rule
to conduct a Transaction Fee Pilot in NMS stocks - SEC
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