SEC Extends Exemptive Relief from Regulation NMS Sub-Penny Rule

The SEC extended exemptive relief from the minimum penny pricing increment requirements of Rule 612 of Regulation NMS. The relief allows Nasdaq BX to accept and rank certain retail orders (priced greater than $1.00 per share) in listed stocks in sub-penny increments as part of its Retail Liquidity Program. The exemptive relief, which was previously set to expire on December 31, 2017, will now continue until June 30, 2018. The extension was granted in connection with the extension of the Retail Liquidity Program.