Trading and Markets (US) Content

On May 7, 2024, the Securities and Exchange Commission published a notice to solicit comments on a proposed rule change filed, pursuant to Securities Exchange Act Rule 19b-4, by the Financial Industry Regulatory Authority to adopt a new rule series to require reporting of securities...

On 4 April, the International Organization of Securities Commissions (IOSCO) published a consultation report on the evolution of exchange operation, governance, and business models.[1] IOSCO describes exchanges as "lynchpins of the financial system"[2] with the focus of the report...

On April 22, 2024, the Securities and Exchange Commission issued orders instituting proceedings to determine whether to approve or disapprove proposed rule changes filed, pursuant to Exchange Act Rule 19b-4, by the Financial Industry Regulatory Authority (FINRA) and the Municipal...

On March 27, three SEC divisions issued notices relating to the upcoming May 28, 2024 implementation of the T+1 standard settlement cycle under Rule 15c6-1. First, the Divisions of Trading and Markets and Investment Management issued a FAQ that responds to questions about the standard...

On March 21, the SEC issued two sets of proposed rule changes from the Fixed Income Clearing Corporation (FICC) to its Government Securities Division (GSD) rulebook that would modify aspects of its clearing access models, including membership qualification requirements; and amend...

On Wednesday, March 6, the SEC adopted a final rule to update the execution quality disclosures required for market centers under Rule 605 of Regulation NMS. The SEC has stated that the amendments are meant to "provide individual investors, institutional customers, and broker-dealers...

[35651] March 18, 2024 TO: ICI Members Fixed-Income Advisory Committee Money Market Funds Advisory Committee SEC Rules Committee SUBJECTS: Fixed Income Securities Trading and Markets RE: FINRA to Start Disseminating US Treasury End-of-Day Transaction Data on March 25 FINRA has...

On March 14, 2024, the ICI submitted a comment letter in support of the proposed amendments to the National Market System (NMS) Plan to Address Extraordinary Market Volatility (the "Plan") at issue in the SEC's order instituting proceedings to determine whether to approve or...

On February 14, the Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published Streamlining variation margin in centrally cleared markets - examples of effective practices...

On February 6, 2024, the Securities and Exchange Commission (SEC or "Commission"), on a 3-2 vote, adopted new rules ("Final Rules") that further define the phrase "as part of a regular business," as used in the definitions of "dealer" and "government securities dealer" under Sections...