Search Results for keywords:"market efficiency"

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Search Results: keywords:"market efficiency"

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  • 2025-04235 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule by Changing the Criteria for Remove Volume Tier 2 and Retail Volume Tier 1
    Type:Notice
    Citation:90 FR 12438
    Reading Time:about 3 minutes

    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.

    Simple Explanation

    The Cboe EDGX Exchange has decided to change some of its rules about fees, and they want people to know about it and give their opinions. These changes are supposed to happen right away, and people have until April 7, 2025, to say what they think.

  • 2024-28342 — Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt New Functionality Relating to the Processing of Auction Responses
    Type:Notice
    Citation:89 FR 95846
    Reading Time:about 24 minutes

    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.

    Simple Explanation

    The Cboe C2 Exchange wants to make sure that more bids or offers in special market events called auctions can get counted, even if there's a lot of traffic, by stretching the time slightly beyond when the auction officially ends. This might help people get better prices, but it might be a little tricky to understand how it affects smaller and bigger players differently.

  • 2021-02713 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Amendment To Allow the Invesco Focused Discovery Growth ETF and Invesco Select Growth ETF (Each a “Fund” and, Collectively, the “Funds”), Each a Series of the Invesco Actively Managed Exchange-Traded Fund Trust (the “Trust”), To Strike and Publish Multiple Intra-Day Net Asset Values (“NAVs”) and an End-of-Day NAV
    Type:Notice
    Citation:86 FR 8935
    Reading Time:about 12 minutes

    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.

    Simple Explanation

    Imagine two special piggy banks called the Invesco Focused Discovery Growth ETF and the Invesco Select Growth ETF. These piggy banks want to show how much money is in them several times a day, like counting their money and showing it during the day and at the end of the day. This might help some people make better decisions when buying or selling pieces of the piggy banks, but it could be a bit tricky for others to understand and might cause some confusion.

  • 2025-06522 — Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 402, Criteria for Underlying Securities, Exchange Rule 307, Position Limits, and Exchange Rule 309, Exercise Limits To Allow the Exchange To List and Trade Options on the iShares Ethereum Trust
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    Type:Notice
    Citation:90 FR 16380
    Reading Time:about 49 minutes

    The document reports that the Miami International Securities Exchange (MIAX) has proposed a rule change to allow trading options on the iShares Ethereum Trust. This proposal involves amending existing rules concerning criteria for securities, as well as position and exercise limits. The main goal is to provide investors with a new, cost-effective means to engage with Ethereum through securities, potentially enhancing market efficiency. The Securities and Exchange Commission (SEC) is reviewing this proposal and has opened the floor for public comments.

    Simple Explanation

    The Miami International Securities Exchange wants to make it possible to trade special contracts, called options, on a type of investment that follows Ethereum (a kind of digital money). They're making some rules to do this safely, and the people in charge are checking if this is okay and asking others what they think.

  • 2025-03510 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Permit In-Kind Creations and Redemptions by the WisdomTree Bitcoin Fund
    Type:Notice
    Citation:90 FR 11340
    Reading Time:about 13 minutes

    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.

    Simple Explanation

    The SEC is looking at a change that would allow a Bitcoin fund to not only use money but also actual bitcoins when people want to buy or sell parts of it. This change could make it easier and faster for people to trade because they wouldn't have to use cash all the time.

  • 2020-29021 — Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Cboe BZX Exchange, Inc.; Cboe EDGA Exchange, Inc.; Cboe EDGX Exchange, Inc.; Order Granting Approval of Proposed Rule Changes To Revise Each Exchange's Process for Re-Opening Trading of NYSE-Listed Securities Outside of Regular Trading Hours
    Type:Notice
    Citation:86 FR 158
    Reading Time:about 7 minutes

    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.

    Simple Explanation

    The Securities and Exchange Commission has decided that four stock exchanges can use computers to start trading certain stocks again after a pause instead of having people do it, which makes the process faster and smoother.

  • 2021-00957 — Invesco Capital Management LLC, et al.
    Type:Notice
    Citation:86 FR 5302
    Reading Time:about 9 minutes

    The Securities and Exchange Commission (SEC) has received an application from Invesco Capital Management LLC and related entities to amend a previous order that allowed them certain exemptions for actively-managed exchange-traded funds (ETFs). The amendment seeks to provide more flexibility in the creation of "Creation Baskets," which are the collections of securities used to buy and sell ETF shares. Specifically, Invesco wants to include different securities or different weightings in these baskets compared to what the current Substitute Basket holds. The aim is to improve efficiency, reduce costs, and better manage the funds, provided that these changes do not harm the funds or their investors. The SEC will grant the exemption unless a hearing is requested by February 8, 2021.

    Simple Explanation

    The SEC is looking at a request from Invesco to change some rules about how they put together packages of stuff (called baskets) used to buy and sell pieces of their money funds (ETFs). They want to make these baskets more flexible so it costs less and works better, as long as it doesn't hurt the people who invest their money in these funds.

  • 2021-00961 — Natixis ETF Trust II, et al.
    Type:Notice
    Citation:86 FR 5300
    Reading Time:about 10 minutes

    The Securities and Exchange Commission (SEC) has received an application to amend a previous order regarding exchange-traded funds (ETFs) managed by Natixis Advisors, L.P. The application seeks to allow these funds more flexibility in the composition of "Creation Baskets," which are collections of securities that investors can use to create or redeem shares in the fund. This change would enable ETFs to include securities not listed in their Proxy Portfolio, with the goal of reducing costs and improving efficiency without negatively affecting the funds or their shareholders. The SEC will grant the order unless a hearing on the application is requested.

    Simple Explanation

    The government is thinking about changing the rules for some special boxes of toys (called "Creation Baskets") that people use to trade and share in a money game. These new rules would let the toy boxes include different toys than before, which might make playing the game cheaper and more fun for everyone.

  • 2021-01835 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Opening Process for Simple Orders
    Type:Notice
    Citation:86 FR 7443
    Reading Time:about 18 minutes

    The Cboe BZX Exchange, Inc. has proposed changes to its opening process for simple orders. The changes include allowing certain stock options to open sooner if they are already open on other exchanges, even if the market width is wide on the Cboe BZX Exchange. This process is aimed at enhancing market efficiency and providing users with more opportunities to trade. Additionally, users will have new options to manage their orders if an opening process is forced or done manually.

    Simple Explanation

    The Cboe BZX Exchange wants to change how they start trading certain stocks in a way that lets them start sooner if other places have already started trading them. This change will help people trade more easily and give them better choices.

  • 2021-01438 — Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Order Setting Aside Action by Delegated Authority and Approving a Proposed Rule Change, as Modified by Amendment No. 2, To Establish a Corporate Bond New Issue Reference Data Service
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    Type:Notice
    Citation:86 FR 6922
    Reading Time:about 2 hours

    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.

    Simple Explanation

    The SEC has given the green light for a new rule where people who help sell new corporate bonds must share important details with a group that will then make this info available to everyone, so it's fair and everyone knows the same things about new bonds. This is like making sure everyone playing a game knows the rules at the same time, which helps things stay fair and fun.

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