Volume-Based Exchange Transaction Pricing for NMS Stocks

Document 2023-23398 is a Proposed Rule published by the Securities and Exchange Commission in the Federal Register on November 6, 2023. The Securities and Exchange Commission ("Commission") is proposing a new rule under the Securities Exchange Act of 1934 ("Exchange Act") 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. View the original at https://www.federalregister.gov/documents/2023/11/06/2023-23398/volume-based-exchange-transaction-pricing-for-nms-stocks.

No. Document 2023-23398 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.