SEC Adopts New Regulation NMS Rules on Tick Sizes, Access Fees and Market Data

On September 18, 2024, the Securities and Exchange Commission (SEC or Commission) approved amendments to Regulation NMS (the Amendments) that take several steps intended to narrow bid/ask spreads, reduce transaction costs for investors and enhance market transparency. Opinions among market participants on how best to achieve these goals—and whether the SEC’s adopted approach will realize them—have differed as the Amendments have worked their way through the rulemaking process.