Search Results for keywords:"price discovery"

The NYSE American LLC has proposed a rule change to amend Rules 970NY and 970.1NY, aiming to eliminate the use of "dark series" on the Exchange. A "dark series" refers to inactive options series that are not actively traded and therefore not reported to the Options Price Reporting Authority (OPRA). This change is expected to increase transparency and improve price discovery by ensuring all trading activity is visible to market participants. The Exchange believes this will not overburden its systems or those of OPRA because capacity planning already includes the potential for all series to become active.

The Securities and Exchange Commission has published a notice about a proposed rule change by MEMX LLC to list and trade options on two Bitcoin exchange-traded funds (ETFs): the Fidelity Wise Origin Bitcoin Fund and the ARK 21Shares Bitcoin ETF. This rule change aims to amend Exchange Rule 19.3 to allow trading options on these Bitcoin Funds. The plan is seen as competitive, following similar moves by another exchange, Cboe. MEMX believes that offering these options will provide investors with a lower-cost way to invest in Bitcoin, increase market transparency, and improve price discovery on the exchange.

The Securities and Exchange Commission is reviewing a proposed rule change filed by The Nasdaq Stock Market LLC. Nasdaq wants to share an early version of order imbalance information, adjust certain time limits for market orders during its Opening Cross auction, and extend the deadline for submitting some types of orders. These changes aim to improve price discovery and market stability during the opening of the trading day by giving participants more information and flexibility. The commission is asking for public comments on this proposal to help them decide whether to approve or disapprove the changes.

Nasdaq PHLX LLC has filed a proposal with the Securities and Exchange Commission to modify its pricing schedule related to the Qualified Market Maker (QMM) Program. The changes include increasing the required percentage of time a member organization must quote at the national best bid and offer (NBBO) from 10% to 15% to qualify as a QMM. This adjustment aims to boost liquidity, enhance price discovery, and overall improve the equity markets' quality. The rule change has become effective but may still be suspended by the Commission if necessary to protect investors or in the public interest.

The Investors Exchange LLC (IEX) has proposed a new rule to allow odd lot orders (orders for less than 100 shares) to be displayed and to aggregate them to form a protected quotation. This change aims to make odd lot orders visible, giving them higher execution priority and aligning IEX's rules with other securities exchanges. The proposal is considered non-controversial and does not foresee any significant impact on competition or investor protections. The rule intends to increase liquidity and enhance price discovery on the exchange, benefiting all market participants.

The Securities and Exchange Commission (SEC) has announced that NYSE Arca, Inc. has proposed a rule change to modify Rule 6.86-O and eliminate the use of "dark series" in quoting options. This proposal aims to improve transparency and enhance price discovery by ensuring all Market Maker quotes, including those currently deemed inactive, are published and visible to market participants. NYSE Arca believes that the change will not affect OPRA's capacity, as it already requests capacity for all quotes, and it will not impose any undue burden on market competition. The SEC is seeking public comments on this proposal before making a decision.

The NYSE American LLC has proposed a rule change that was filed with the Securities and Exchange Commission (SEC) on February 1, 2021, to amend its Options Fee Schedule. This amendment introduces a new credit system for Customer Electronic executions, aiming to incentivize ATP Holders by offering a $0.10 per contract credit if certain trading volume thresholds are met. The goal is to attract more trading activity, thereby enhancing market depth, price discovery, and competition while benefiting all market participants. The SEC is inviting public comments on this proposed rule change, which is effective upon filing but can be temporarily suspended by the Commission within 60 days if deemed necessary.

The Securities and Exchange Commission has received a proposed rule change from The Nasdaq Stock Market LLC. This change would allow for a new trading halt feature for Exchange-Traded Products (ETPs) on their launch day, similar to the process used for IPOs. The proposed rule is designed to aid efficient price discovery and protect against unexpected volatility by enabling the ETP issuer to halt trading for a specified period before manually opening it. Nasdaq aims to implement this new feature by the second quarter of 2025.