The SEC rule establishing a pilot program (the "Pilot") to study transaction-based fees and rebates in certain National Market System stocks was published in the Federal Register. The temporary rule - Rule 610T of Regulation NMS - will be in effect from April 22, 2019 until December 29, 2023.
As previously covered, the Pilot is designed to create two test groups of exchanges, with one group barred "from offering rebates and linked pricing" and the other group limited to a fee cap of $0.0010. Data from the Pilot will be utilized to facilitate an empirical assessment of the market impact of an exchange's transaction-based fees and rebate structure.
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