SEC gives market firms a year more on pricing rules

Brokers, exchanges and alternative trading systems got a year more to adapt to the Securities and Exchange Commission’s latest market-structure changes in federal trading rules. The agency granted temporary exemptive relief that pushes full compliance to the first business day of November 2027, giving firms more time to update the systems that quote prices, collect access fees and display order sizes.

The order covers Regulation NMS, the SEC’s rulebook for the national market system, and pauses compliance with a new minimum pricing increment of $0.005 for stocks priced at $1 or more, lower access-fee caps and related round-lot disclosure requirements.

The code behind a stock quote

The commission said the crowded 2026 calendar left firms facing several technical rewrites at once. Without extra time, exchanges, brokers and dealers would have had to change pricing, routing, market-data and compliance software together, a kind of back-office crunch that can spill into how orders are handled on screen.

The relief is temporary, not a rewrite of the rules themselves. It gives market operators room to make the changes in sequence instead of all at once, with Nov. 1, 2027 as the new target date.