- Current Regulatory Initiatives
- Tick Size Pilot Program
- Consolidated Audit Trail
- FINRA Rule 4540 Series - CARDS
- Regulation SCI
- ATS Trading Information
- Limit Up/Limit Down
- Market-Wide Circuit Breakers
- Clearly Erroneous Improvements
- Large Trade Reporting
- Market Access Rule
- Amendments to RegSHO
- CFTC-SEC Advisory Committee
- Market Structure Concept Release
- Contact Information
Current Regulatory Initiatives
Nasdaq is always committed to working with regulators, exchanges and market participants to ensure trading is transparent and fair. To keep you informed of the ever-changing regulatory landscape of U.S. trading, refer to the information below regarding current regulatory initiatives.
|Tick Size Pilot Program|
On June 24, 2014 the SEC issued an order directing that the national securities exchanges and FINRA (collectively, “SROs”) to act jointly to develop and file an NMS plan with the SEC to implement a pilot program to study the impact of wider quoting and trading increments on trading of certain small capitalization stocks. On May 6 2015 the SEC approved an amended Tick Pilot NMS Plan. The Pilot will be two years in length. Market participants will be required to collect data to ensure the impact of the pilot can be properly studied. Data collection for the pilot will start 6 months prior to the implementation of the trading and quoting rules for the pilot. For more information please see the additional resources to the right.
|Clearly Erroneous Process Improvements|
On June 17, 2010, U.S. exchanges filed with the SEC rule amendments intended to improve the transparency of filings for clearly erroneous transactions following large market-wide events and trading pauses. The rules have been amended several additional times since the original filing, with the latest update occurring on June 19, 2014. This latest amendment provides that a series of transactions in a particular security on one or more trading days may be viewed as one event if all such transactions were effected based on the same fundamentally incorrect or grossly misinterpreted issuance information resulting in a severe valuation error for all such transactions. Additionally, the latest amendment addresses transactions to be nullified due to certain events associated with trading pauses.
On March 24, 2014 the SEC approved a proposal to extend the pilot period of amendments concerning clearly erroneous transactions to coincide with the pilot period for the NMS Plan to Address Extraordinary Market Volatility, which is set to expire on February 20, 2015.