Search Results for keywords:"market efficiency"

The Cboe EDGX Exchange, Inc. has proposed changes to its fee schedule that affect the criteria for Remove Volume Tier 2 and Retail Volume Tier 1, which was filed with the Securities and Exchange Commission (SEC) on March 7, 2025. The proposal is effective immediately, and the SEC is seeking public comments on whether the changes align with existing regulations. Interested individuals can submit comments through the SEC's website or email by April 7, 2025. The key focus is on ensuring that these changes continue to support investor protection and market efficiency.

The Commodity Futures Trading Commission (CFTC) has established rules for exempting certain foreign derivatives clearing organizations (DCOs) from the registration requirement, as long as these organizations are subject to comprehensive supervision by their home country's regulator. These exemptions allow the foreign DCOs to clear swaps for U.S. persons' own accounts but not for customers, ensuring that U.S. market participants have more options. The CFTC is adopting this final rule, which sets out the procedures for obtaining an exemption, the conditions that must be met, and the reporting requirements needed to maintain the exemption. The regulation aims to promote international cooperation and market efficiency while maintaining important regulatory standards.

The Nasdaq Stock Market LLC has proposed a rule change to the Securities and Exchange Commission (SEC) related to shares of the iShares Bitcoin Trust. This proposal will allow "in-kind" transfers of bitcoin, alongside the existing cash process, in the trust's creation and redemption of shares. The change aims to enhance efficiency by letting specific participants source bitcoin themselves, which may reduce the trust's market impact and benefit investors. The SEC is seeking public comments on this proposal.

The Securities and Exchange Commission has announced the filing by BOX Exchange LLC of a rule change to allow options trading on two Bitcoin funds: the Fidelity Wise Origin Bitcoin Fund and the ARK 21Shares Bitcoin ETF. These changes involve amendments to certain rules regarding position limits and criteria for underlying securities, similar to recent approvals granted to Cboe Exchange. The Exchange emphasizes the potential benefits for investors, such as improved market efficiency and transparency, and asserts that its existing surveillance measures are sufficient to ensure fair trading and detect any manipulative practices. The proposed rule change is expected to enhance competition and offer investors a new, priced-efficient way to access Bitcoin-related securities.

The Securities and Exchange Commission (SEC) received a proposed rule change from the Cboe BZX Exchange, Inc. to amend the WisdomTree Bitcoin Fund to allow for in-kind creations and redemptions. Currently, the Trust processes creations and redemptions in cash, but the proposed change will enable them to handle these transactions either in cash or in-kind (using bitcoin). This adjustment is intended to improve the efficiency of the market by allowing authorized participants to transact using bitcoin directly instead of cash, potentially reducing market impact. The SEC is inviting feedback from the public on whether this proposed change aligns with the securities laws.

The Cboe BZX Exchange, Inc. has proposed a rule change to allow the Invesco Focused Discovery Growth ETF and the Invesco Select Growth ETF to publish multiple intra-day and end-of-day net asset values (NAVs). This change aims to provide more information about the funds' holdings, helping investors assess risk and getting closer estimates of a fund's value. The proposal is intended to improve the efficiency of the market by reducing risks for market participants and encouraging tighter spreads and better liquidity. The Securities and Exchange Commission (SEC) is seeking public comments on this proposed rule change.

The Cboe EDGX Exchange, Inc. has proposed a rule change to improve its process for opening trading for simple orders. This change aims to allow trading to start sooner by implementing a "forced opening" if a series is already trading on another exchange, even if certain conditions on Cboe haven't been met. The proposed change prioritizes investor interests and attempts to keep fair competition by allowing orders to start trading as soon as another market has opened them. Additionally, users can manage how their orders are handled during this process, providing flexibility and protecting against unfair trades. The Securities and Exchange Commission (SEC) is allowing this proposed rule to become effective immediately to enhance market efficiency.

The Securities and Exchange Commission has approved proposed rule changes by four exchanges—Cboe BYX, Cboe BZX, Cboe EDGA, and Cboe EDGX. These changes aim to automate the process for re-opening trading of NYSE-listed securities outside of regular hours when a halt is lifted. Previously, this was done manually by exchange staff, but the new system will automatically restart trading if certain conditions are met, improving efficiency. The SEC found these changes to be consistent with regulations that ensure a fair and open market, with no public comments opposing the proposals.

The Cboe C2 Exchange, Inc. has submitted a proposed rule change to the Securities and Exchange Commission (SEC) to adopt new functionality for processing auction responses. Currently, auction responses can miss out on participating in auctions if there is high message traffic. The proposed change would allow the system to process auction responses for up to 100 milliseconds beyond the end of an auction period to ensure more responses have the chance to be included, which could lead to better pricing for investors. The SEC is seeking comments from the public on this proposed change.

The Securities and Exchange Commission (SEC) has approved a rule change by the Financial Industry Regulatory Authority (FINRA) to create a New Issue Reference Data Service for corporate bonds. This service will require underwriters to report specific data on new corporate bond issues to FINRA, which will then make this information publicly available. The goal is to reduce information asymmetry and improve market efficiency by ensuring all market participants have timely access to essential bond reference data. The SEC found that this change is consistent with the requirements of the Securities Exchange Act of 1934 and will enhance transparency and competition in the corporate bond market without imposing unnecessary burdens on competition.