SEC Grants Temp Break on New Stock Pricing and Fee Regulations
Published Date: 11/17/2025
Notice
Summary
The SEC is giving some stock market players a temporary break from new pricing and fee rules that were supposed to start in November 2025. This pause helps them adjust without rushing, especially for stocks priced $1 or more per share. It affects trading fees, pricing steps, and how order info is shared, with no immediate extra costs for investors.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Access Fee Cap Implementation Postponed
The SEC postponed the compliance date for the amended access fee caps in Rule 610(c) — which lower the cap to $0.001 per share for protected quotations in NMS stocks priced $1.00 or more and to 0.1% of quotation price for stocks under $1.00 — until the first business day of November 2026. Trading centers and exchanges therefore will not be required to implement those lower caps until that date.
Minimum Pricing Increment Delayed
The SEC delayed the start of the amended minimum pricing increment of $0.005 for bids, offers, orders, and indications of interest in NMS stocks priced equal to or greater than $1.00 per share until the first business day of November 2026. This order applies to national securities exchanges, national securities associations, alternative trading systems, brokers, and dealers required to comply with Rule 612 and the minimum increment indicator in Rule 600(b)(89)(i)(F).
Determinable Fees Requirement Deferred
The SEC granted temporary relief delaying compliance with Rule 610(d), which requires exchange fees and rebates to be determinable at the time of execution, until the first business day of February 2026. The delay was granted because exchanges may be unable to file required rule changes during the lapse in appropriations.
Round Lot Rule Filing Deadline Extended
The SEC provided exchanges temporary relief from the requirement to file proposed rule changes to amend exchange rules to reflect the round lot definition in Rule 600(b)(93) until 30 calendar days after the end of the lapse in appropriations. The Commission noted exchanges may be prepared to implement round lot changes on November 3, 2025, but filings may be delayed by the shutdown.
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Department and Agencies
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