The MSRB proposed a rule change to improve the information facility for the Electronic Municipal Market Access ("EMMA") System. The EMMA System is an online platform for the collection and dissemination of municipal securities disclosure documents and related information. According to the MSRB, the proposal will modernize and consolidate the EMMA information facility, as well as harmonize it with the recently revised Real-Time Transaction Reporting System information facility. The proposed rule change would be made operative on January 10, 2019.

Based on the results of its Tick Size Pilot Program, the SEC found that increasing the tick size for certain small capitalization stocks did not affect stock prices.

Based on data from the Bank for International Settlements, ISDA found that OTC derivatives notional outstanding went up during the first half of 2018. ISDA also found that the increase in notional outstanding is also reflected in swap trading volumes in the United States. ISDA stated that, while notional outstanding of OTC derivatives increased, the gross market value of these contracts went down.

SEC Chair Jay Clayton, SEC Chief Accountant Wesley Bricker and Public Company Accounting and Oversight Board ("PCAOB") Chair William D. Duhnke III raised concerns about foreign markets that restrict access to information about U.S.-listed companies operating overseas. In a joint statement, Mr. Clayton, Mr. Bricker, and Mr. Duhnke emphasized that information necessary for regulatory oversight of U.S.-listed companies with substantial overseas operations does not always "flow" to U.S. capital markets regulators. One of the biggest issues facing regulators and investors is the inability of the

The SEC approved amendments to FINRA's customer and industry arbitration rules concerning arbitration honorariums. The amendments will result in each arbitrator being compensated with a $200 honorarium to decide (without a hearing) subpoena requests or orders for production or appearance that are contested. The amendments are effective for cases filed on or after January 7, 2019.