Dear Mr. Fields:
STA welcomes the opportunity to offer comment on the Securities and Exchange Commission’s (“SEC” or the “Commission”) proposed Transaction Fee Pilot for NMS Securities (“Pilot”).
As the Commission states in the summary of the proposed rule:
The purpose of the Pilot is 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.