Transaction Fee Pilot Working Group - Overview

The SEC approved a proposed rule to conduct a Transaction Fee Pilot for NMS Securities designed to study the effects that transaction-based fees and rebates may have on and the effects that changes to those fees and rebates may have on order routing behavior, execution quality, and markit quality.  The SEC announced a 60 day comment period in which interested industry participants may raise concerns.  FIF is currently holding working group calls to discuss the content of the rule proposal and comments.  To view the text of the rule, please follow the link here.