Transaction Fee Pilot for NMS Stocks

The Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing to conduct a Transaction Fee Pilot for National Market System (``NMS'') stocks to study the effects that transaction- based fees and rebates may have on, and the effects that changes to those fees and rebates may have on, order routing behavior, execution quality, and market quality more generally. The data generated by the proposed pilot should help inform the Commission, as well as market participants and the public, about any such effects and thereby facilitate a data-driven evaluation of the need for regulatory action in this area.