FINRA Proposes Modifying Website Data Publication Requirements for Tick Size Pilot
FINRA proposed amending FINRA Rule 6191 to modify the website data publication requirements relating to the Regulation NMS Plan to implement a Tick Size Pilot Program. FINRA specified that the proposed amendment would address confidentiality concerns by providing for the passage of additional time between entry of the market information reflected in the data and the public availability of such information published on FINRA's website. The information on the website would be made available on a monthly basis to the public at no charge.
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The SEC requested comments on a FINRA proposal to amend the Tick Size Pilot in order to modify the conditions to the block-size exceptions making use of Intermarket Sweep Orders and Trade-at Intermarket Sweep Orders for the test group of pilot securities subject to the "Trade-at" requirement.
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FINRA proposed to modify the quoting and trading requirements relating to block-size exceptions, and the use of Intermarket Sweep Orders and Trade-at Intermarket Sweep Orders.
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FINRA proposed modifying certain data collection requirements of the Regulation National Market System Plan to Implement a Tick Size Pilot Program.
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FINRA notified member firms that, effective October 3, 2017, they are required to use the existing Intermarket Sweep Order trade reporting modifier when reporting trades to a FINRA facility that qualifies for the ISO exception to the Trade-at prohibition, under the plan to implement the tick size pilot program.
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The SEC requested comments on a FINRA proposal to amend the Tick Size Pilot in order to modify the conditions to the block-size exceptions making use of Intermarket Sweep Orders and Trade-at Intermarket Sweep Orders for the test group of pilot securities subject to the "Trade-at" requirement.
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The SEC Division of Trading and Markets granted a limited exemption to NYSE MKT LLC from certain quoting and trading requirements in the SEC's Tick Size Pilot Program.
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The SEC approved a proposal by FINRA and the national securities exchanges (the "Exchanges") for a two-year pilot program. The program would widen the minimum quoting and trading increments – or tick sizes – for the stocks of certain smaller companies.
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The SEC issued and requested public comment on a tick test pilot program, as proposed by FINRA and the exchanges.
The details of the pilot program include:
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