United States:
SEC Extends Sub-Penny Rule Exemptive Relief And Retail Price Improvement Program
13 August 2018
Cadwalader, Wickersham & Taft LLP
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The SEC granted a proposal to extend BATS BYX-Exchange,
Inc. ("BYX") limited exemptive relief from
Regulation NMS Rule 612(c) (the Sub-Penny Rule) related to the
operation of BYX's Retail Price Improvement Program ("RPI
Program"). The SEC also approved BYX's proposal to extend
the RPI Program for a one-year pilot term. Both the exemption and
the pilot program have been extended five times. The SEC actions
extend the expiration date from July 31, 2018 to December 31,
2018.
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