The U.S. Securities and Exchange Commission (SEC) has proposed a new rule that prohibits national stock exchanges from providing volume-based trading pricing when executing agency or risk-free commission ("agency-related") orders for NMS shares.。The proposal also requires national stock exchanges to establish certain anti-circumvention rules and written policies and procedures, and to disclose certain information if they provide volume-based pricing for member proprietary trading volumes of NMS shares.。

NMS stock basically refers to any listed U.。The National Market System (or NMS) is the regulatory mechanism that governs U.S. securities trading operations.。Its main focus is to ensure transparency and full disclosure of stock quotes and trade execution.。

"The competitive environment for broker-dealers is not level at the moment," said SEC Chairman Gary Gensler.。"With volume-based pricing, medium and small broker-dealers actually pay higher fees to trade on most exchanges than large brokers."。We have learned from many market participants that volume-based pricing and associated market behavior raise concerns about market competition。I am pleased to support this proposal as it will solicit important public feedback on how the Commission can best promote competition among securities market participants.。

Proposed Rule 6b-1 under the Securities Exchange Act of 1934 would prohibit national stock exchanges from providing volume-based trading pricing when executing agency-related orders for NMS shares。It also requires exchanges that provide volume-based trading pricing when executing member proprietary orders for NMS shares to disclose certain information, including the number of members who meet each trading pricing tier provided by the exchange.。Exchanges must submit this information to the Commission on a monthly basis, and the public can access this information through the Commission's EDGAR system。

In addition, the proposed section 6b-1 would also require anti-circumvention measures for exchanges that implement volume-based pricing for member proprietary orders in NMS shares, including measures that require members to facilitate the exchange's compliance with the prohibition of volume-based pricing for agency-related orders in NMS shares, and written policies and procedures to reasonably detect and prevent members from accepting volume-based pricing when executing agency-related orders in NMS shares.。

Proposed release will be published in the Federal Register。The public comment period will last up to 60 days from the date of the proposed announcement in the Federal Register.。