Trading and Markets (US) Content

On February 25, 2025, the Securities and Exchange Commission extended certain compliance dates under the Treasury Clearing Rule. Specifically, the compliance date for the requirement to clear eligible cash market transactions was extended from December 31, 2025, to December 31, 2026...

On February 21, 2025, ICI submitted a letter, to Acting Chairman Mark T. Uyeda of the Securities and Exchange Commission to request that the Commission extend the various compliance dates under the Treasury Clearing Rule, including by a minimum of 24 months (i.e., an extension to at...

Last week, FINRA and the MSRB announced that they will not be setting an effective date for their approved rule changes related to reducing the trade reporting timeframe for certain transactions reported to FINRA's TRACE and MSRB's RTRS, respectively.

On January 21, 2025, ICI submitted a no-action request letter, available here, to the Securities and Exchange Commission (SEC or "Commission") to request that the staff of the Division of Trading and Markets ("Staff") confirm that it will not recommend that the Commission take...

On September 18, 2024, the SEC, in a unanimous vote, adopted amendments to Regulation NMS that would impact the minimum quoted price increments for NMS securities, the access fee caps that registered securities exchanges could charge, and odd lot transparency.

On December 12, 2024, the Securities and Exchange Commission (SEC) issued an order granting a partial stay to Rules 610 and 612 of the recently adopted Regulation NMS amendments.

The Commodity Futures Trading Commission's Divisions of Clearing and Risk, Data, Market Oversight and Market Participants issued a staff advisory on the use of artificial intelligence (AI) in CFTC-regulated markets by registered entities and registrants.

Last week, ICI sent a letter (linked below) to SEC Chair Gensler, requesting that the SEC (i) suspend the compliance dates for certain recent regulatory actions, (ii) halt work on not-yet-finalized rulemaking, and (iii) extend soon-to-expire relief that would have a significant impact...

Last week, the SEC staff extended indefinitely compliance relief from Exchange Act Rule 15c2-11 (the "rule") for brokers and dealers publishing or submitting quotations for fixed income securities. The prior SEC staff relief—which the 2024 Letter withdraws—would have expired in...

On September 18, 2024, the SEC, in a unanimous vote, adopted amendments to Regulation NMS that would impact the minimum quoted price increments for NMS securities, the access fee caps that registered securities exchanges could charge, and odd lot transparency.