Trading Pilots Stay Under SEC's Watchful Paper Eye
Published Date: 3/4/2026
Notice
Summary
The SEC is extending the paperwork rules for special pilot trading systems run by stock market groups. These groups must keep the SEC updated with reports and changes while testing new trading ideas, usually for up to two years. This keeps trading fair and transparent without adding big costs or delays.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
Fast-start pilot trading rule
If your firm is a national securities exchange or national securities association, Rule 19b-5 lets you begin operating a pilot trading system shortly after submitting an initial Form PILOT to the SEC. While operating, you must file quarterly reports, timely amendments for material changes, and within two years submit a Section 19(b)(2) rule filing to seek permanent approval.
Estimated paperwork cost for SROs
The SEC estimates that, for the one SRO it expects to use Form PILOT in a year, the annual time burden is 42 hours and the internal compliance cost is about $15,890. The SEC also estimates $4,400 per year in printing, copying, postage, and related expenses, for a total estimated annual cost of about $20,290 for that respondent.
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