SEC Grants Exchanges Limited Exemption from Data Collection Requirements under Tick Size Requirements

The SEC granted FINRA and other national securities exchanges a limited exemption from certain data collection requirements for the Tick Size Pilot Plan under Rule 608(c) of Regulation NMS.

Specifically, the Exchanges are exempt from the following requirements:

• to identify certain retail investor orders;
• to report certain order information in microsecond increments;
• to measure and report certain data at the time of execution (so long as the Exchanges instead measure and report such information at the time of order receipt);
• to use certain prescribed methodologies to calculate and report market maker profitability; and
• to initially submit tick size pilot data to the SEC.