The SEC extended its consideration of a proposed rule change to list and trade shares of (i) ARK 21Shares Bitcoin Exchange-Traded Fund on the Cboe Exchange, Inc. and (ii) Teucrium Bitcoin Futures Fund on the NYSE Arca Exchange.
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The SEC proposed to (i) expand the definition of "exchange" under SEA Rule 3b-16 to include systems that only display "trading interest" (as opposed to "orders") including by use of "communication protocols"; and (ii) remove the exemption that Regulation ATS currently provides to systems that trade only government securities.
The OTC Bulletin Board will shut down and FINRA will delete OTCBB-related rules on November 8, 2021.
At the SIFMA annual meeting, SEC Chair Gary Gensler highlighted potential areas for reform across the Treasury, non-Treasury fixed income, equity and security-based swaps markets.
SEC Commissioner Elad L. Roisman reviewed the existing SEC regulatory frameworks for the handling of retail orders - including payment for order flow, best execution, execution quality measurements and public price discovery - and suggested potential improvements.