*Letters

NYSE’s Proposed Retail Liquidity Program (new Rule 107C)

Published on:
December 7, 2011
Issues:
Committee:

SIFMA provides comments to the Securities and Exchange Commission (SEC) on the New York Stock Exchange’s (NYSE) proposed Retail Liquidity Program, and the NYSE’s related request for exemptive relief from Rule 612(c) of Regulation NMS (the Sub-Penny Rule) under the Securities Exchange Act of 1934, SR-NYSE-2011-55.  The Program seeks to attract additional retail order flow via NYSE-listed securities while also providing price improvement through sub-penny pricing.  SIFMA believes that the Program and related request for an exemption from the prohibitions against sub-penny ranking and quoting under Regulation NMS, as well as the Program’s provisions for selective distribution of and access to quotes, raise various market structure concerns that require additional time to be considered before implementation.

Details

Download

More Content

  • Letters
    Aug 17, 2026

    The Trade-Through Rule and Crossed Markets Provisions of Regulation NMS

    SIFMA submitted comments to the SEC on its proposal to rescind Rule 611 and related Rule 610(e) provisions, highlighting potential market structure impacts.
  • Testimony
    Aug 06, 2026

    Testimony on Empowering Main Street by Unlocking Access to Capital

    SIFMA President and CEO Kenneth E. Bentsen Jr. testifies before the Senate Banking Committee on strengthening public capital markets and expanding Main Street access to capital.
  • Letters
    Jul 31, 2026

    Qualified Derivative Payments with Respect to Securities Lending Transactions for Purposes of the Base Erosion and Anti-Abuse Tax Rules

    SIFMA comments on Treasury and IRS QDP reporting rules, recommending changes to improve securities lending compliance under BEAT.

Get the latest trends, stats, and research on financial markets and securities.