Posted on Wednesday, October 18, 2023

The Securities and Exchange Commission (SEC) published a new rule proposal, Volume-Based Exchange Transaction Pricing for NMS Stocks, to prohibit national securities exchanges from offering volume-based transaction pricing in connection with the execution of agency-related orders in certain stocks. If exchanges offer such pricing for their members’ proprietary orders, the proposal would require the exchanges to adopt rules and written policies and procedures related to compliance with the prohibition, as well as disclose, on a monthly basis, certain information including the total number of members that qualified for each volume tier during the month.

Exchanges would provide the monthly disclosures in EDGAR in Inline XBRL which “would further heighten transparency around exchange fee tier structures by facilitating more efficient retrieval, comparison, aggregation, and other analysis of fee tiers data on specific exchanges as well as across different exchanges and time periods. The use of Inline XBRL tags for proprietary volume-based pricing disclosures would thus make the disclosures more easily accessible to, and usable by, the Commission, exchange members, and the public, which in turn should allow for more efficient review of the impact of volume-based exchange transaction pricing.”

Comments on this proposal are due 60 days after the proposal is published in the Federal Register.

Read the rule.

Read the fact sheet.

Read the announcement.




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