“A lot of the conversation is still centered around timing and how interconnected the changes are,” said Lisa Saaks, president of Trillium Surveyor, a provider of trade surveillance and best execution software.  “Firms generally view the tick size and access fee rules together since changes to quoting increments can directly affect spreads, routing behavior, and execution economics,” said Saacks.

The SEC granted one-year extension from its original compliance date of November 2025 to November 2026 to give firms more time to prepare their systems.

“The earlier extension already showed how complex these changes are from both an operational and market structure standpoint. But with the SEC having already adjusted the timelines and taken additional steps earlier this year, it still feels like the process is moving forward rather than toward another major delay,” said Saacks.