SEC Extends Sub-Penny Rule Exemptive Relief and Retail Price Improvement Program

The SEC granted a proposal to extend BATS BYX-Exchange, Inc. ("BYX") limited exemptive relief from Regulation NMS Rule 612(c) (the Sub-Penny Rule) related to the operation of BYX's Retail Price Improvement Program ("RPI Program"). The SEC also approved BYX's proposal to extend the RPI Program for a one-year pilot term. Both the exemption and the pilot program have been extended five times. The SEC actions extend the expiration date from July 31, 2018 to December 31, 2018.