The SEC announced the next meeting of the Investment Advisory Committee, which will be held on January 31st. The agenda includes a discussion of, among other things, decimalization and crowdfunding. The notice of the meeting is available here: http://www.sec.gov/rules/other/2014/33-9510.pdf.
The SEC has posted the webcasts from its decimalization roundtable. These are available at: http://www.sec.gov/news/otherwebcasts/2013/decimalization-roundtable-020513.shtml. The participants generally supported the implementation of a pilot program, and cited the need for additional empirical data regarding the effect of decimalization as well as order handling and other market structure changes on the securities of smaller and mid-cap… Continue Reading
Today, the SEC announced the final schedule and panelists for the upcoming decimalization roundtable, see http://www.sec.gov/news/press/2013/2013-16.htm.
As greater attention is devoted to the role of decimalization and other market structure changes in the decline of smaller company IPOs, we wanted to share this white paper authored by Leslie Seff, http://www.mofo.com/files/Uploads/Images/121124-IPOs-Decimalization-Need-for-Better-Regulation.pdf. The paper puts into perspective the various regulations that had an effect on market making activity, and recommends a more nuanced… Continue Reading
Title I of the JOBS Act mandated that a study be conducted on the impact of decimalization. This study was delivered earlier in the year, and the SEC announced that it would call for a roundtable to discuss the impact of decimalization and consider alternatives. The roundtable will be held at the SEC on February… Continue Reading
The SEC announced that its staff will host a roundtable early next year to discuss the impact of decimal-based stock trading on small and mid-sized companies, market professionals, investors, and U.S. securities markets. The roundtable will be held on Feb. 5 at the SEC’s Washington, D.C., headquarters, and will be open to the public and… Continue Reading
David Weild, Head of Capital Markets at Grant Thornton will be speaking during a Grant Thornton webcast about that same topic. The webcast, “The JOBS Act & tick sizes: Decimalization, public policy & the impact on banks,” will take place on October 25 from 3:00pm-4:30pm ET. The other panelists include Kendra Decker, Partner, SEC-Regulatory Matters at… Continue Reading
Former Vice Chairman of NASDAQ, David Weild IV, guest blogs about the importance of tick sizes. David is Head of Capital Markets at Grant Thornton and Founder, Chairman and CEO of Capital Markets Advisory Partners. Our prior studies served as a call to action that helped focus attention on the plight of capital formation that… Continue Reading
Grant Thornton has published a report on tick sizes, available here http://www.sec.gov/info/smallbus/acsec/acsec-backgroundmaterials-090712-weild-article.pdf. The report discusses two alternatives to customize tick sizes. These alternatives are likely to be discussed during the meeting of the SEC Advisory Committee on Small and Emerging Companies today.
On July 20, 2012, the SEC delivered to Congress the report required by Section 106 of the JOBS Act, which directed the SEC to examine the impact of decimalization on IPOs and the impact of this decade-old change on liquidity for small- and mid-cap securities. Section 106 goes on to say that if the SEC… Continue Reading