Markets Weekly Notes
Feb 16 – Feb 22 · 2026-W08
1 event this week
🏛️ Quiet compliance week Compliance
🏛️ Market structure week Markets
⚡⚡ Apache Polaris Graduation Data Engineering
🧠 Feynman Takeaway
SEC extended Reg NMS compliance to November 2027, giving the industry more time to adapt to the 23/5 trading world.
SEC Extends Reg NMS Compliance Deadline
In plain English
The SEC pushed the Reg NMS minimum pricing increment compliance deadline from 2026 to November 2027. The tick size reform — moving from $0.01 to $0.005 increments for highly liquid securities — needed more implementation time.
Analogy
Imagine telling a construction crew they have two extra years to build a bridge. They're relieved, but also wondering what's taking so long. The tick size reform is complex because it touches every trading system on Wall Street.
Why it matters
This delay signaled that market structure reform was politically sensitive. The SEC wanted to get it right rather than rush — especially with 23/5 trading launching in parallel.