SIFMA Submits Comments to the SEC on Sub-Penny for Non-Nasdaq Over-the-Counter Equity Securities
Published on:
February 16, 2006
The Trading Committee of the Securities Industry Association (SIA)* provides comments to the Securities and Exchange Commission (SEC) regarding a rule change proposed by the National Association of Securities Dealers, Inc. (NASD), Release No. 34-53024; File No. SR-NASD-2005-095. The proposed rule change would impose restrictions on the display of quotations and orders in sub-penny increments for non-Nasdaqover-the-counter (OTC)equity securities. SIAnotesthat Amendment No. 2 to the filing, which would eliminate a requirement in Rule 6540(c), causes concern for SIA member firms.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.