The SEC has extended the compliance date for selected half-penny ticks and lower access-fee caps to the first business day of November 2027. The extra year gives brokers and exchanges more implementation time while the Commission reviews how those measures fit with its proposal to remove the trade-through rule. The affected tick and fee amendments were adopted in September 2024.[1][2]
The economic connection matters. A smaller tick changes the minimum increment at which displayed prices compete; an access-fee cap affects the cost of taking a displayed quote; and trade-through protection determines when an order must respect a better protected price elsewhere. Together, they shape routing incentives and liquidity provision.[2][4]
The adopted design under review
Regulation NMS implementation status
| Element | Adopted design | Current status |
|---|---|---|
| Tick size for selected stocks priced at least $1 | $0.005 where the required spread test is met. | Compliance relief extended to the first business day of November 2027.Source 2Source 1 |
| Other stocks priced at least $1 | $0.01 minimum increment remains where the half-penny test is not met. | Methodology remains relevant unless the Commission changes the rule after review.Source 3Source 1 |
| Access-fee cap at or above $1 | $0.001 per share. | Also delayed to November 2027 and included in the staff review.Source 2Source 1 |
| Access-fee cap below $1 | 0.1% of quotation price per share. | Delayed with the rest of Rule 610(c).Source 2Source 1 |
| Fee and rebate determinability | Exchanges must make fees and rebates determinable at execution. | Separate requirements need to be checked against the final compliance orders.Source 2Source 3 |
For a 1,000-share execution at a quotation priced at least US$1, the adopted US$0.001-per-share access cap would imply at most US$1 of the covered access charge. That illustration concerns the rule’s access-fee component; the customer’s all-in cost also depends on execution price and any separate broker charges.[2][1]
The trade-through proposal changes the context
The SEC simultaneously proposed rescinding Rule 611, which generally protects better-priced displayed quotations from being traded through, and Rule 610(e), which addresses locked and crossed markets. Chairman Paul Atkins directed staff to review the access-fee and tick rules by the end of 2026 because the economics of protected quotations may look different if the protection framework changes.[1][4]
Three interacting market-structure levers
| Lever | What it controls | Why sequencing matters |
|---|---|---|
| Tick size | The minimum price increment for quotes and orders. | It affects queueing, displayed price competition and the room available for rebates.Source 2 |
| Access fees and rebates | The charge for executing against displayed liquidity and the economics of liquidity provision. | A lower cap can alter venue pricing and routing incentives.Source 2 |
| Trade-through protection | The obligation to avoid executions at prices inferior to protected quotations, subject to exceptions. | Removing it could change the value of being displayed and protected at the national best price.Source 4 |
The underlying tick and fee amendments remain in place unless the SEC changes them through further action. The staff review and trade-through proposal are separate from the adopted compliance extension.[1][4]
Implementation now needs more than one routing scenario
A broker can use the additional time to test the adopted tick and fee design and the alternative routing environment that could follow changes to trade-through protection. Order-router logic, exchange connectivity and customer execution analysis must work together: a lower quoted spread may be offset by a different fee or liquidity mix.[2][4]
The extension covers specified tick-size and access-fee provisions. Fee-and-rebate transparency and odd-lot information have their own timetables, so implementation teams still need to track those separately. The next decision point is the staff review and any subsequent Commission rulemaking, rather than the passage of the deferred compliance date alone.[1][3]
Sources & further reading
- Statement regarding minimum pricing increments and access fee caps US Securities and Exchange Commission · 11 Jun 2026 · Accessed 29 Oct 2026
- SEC adopts minimum pricing increments, access fee caps and odd-lot transparency amendments US Securities and Exchange Commission · 18 Sep 2024 · Accessed 29 Oct 2026
- Regulation NMS: minimum pricing increments, access fees and transparency of better priced orders US Securities and Exchange Commission · 18 Sep 2024 · Accessed 29 Oct 2026
- Proposed rescission of the Regulation NMS trade-through and locked/crossed market rules US Securities and Exchange Commission · 11 Jun 2026 · Accessed 29 Oct 2026