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Photo: Spencer Platt/Getty Images

The Nasdaq is recommending regulatory changes to the SEC, including a change to rules that could impact smaller public companies, investors' access to market data and the cost of trading — all of which, the exchange says, could spur more innovation.

Why it matters: It's the latest attempt by a stock exchange to shift current rules in a way that it says will benefit investors.

Among the Nasdaq's proposals ...

  • Allow smaller companies with thinly-traded stocks the choice to centralize trading on one exchange, instead of being spread across other markets and venues, which the Nasdaq argues makes trading more expensive and the stocks more volatile.
  • Change how investors are charged for market data — containing current stock prices, recent trades and "how much supply and demand there is for stocks at different price levels," per WSJ — by how and how often they use it, instead of pricing it by what they do. The current process prices data depending on whether a trader is a "professional" versus a retail investor.

But, but, but: Don't expect immediate action — if any — by the SEC, which tends to move slowly.

  • The Nasdaq unveiled a slate of reform proposals in 2017. The SEC has held hearings on some of the issues, including on the hotly debated market data pricing, but made no final changes to current rules.
  • What to watch: Clayton said in a recent speech that the SEC would spend the year "reviewing equity market structure rules and practices to see if they can be improved to protect investors and market participants," Pensions & Investments reports.

Go deeper:

Go deeper

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong to put tens of thousands on lockdown as cases surge.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

Trump impeachment trial to start week of Feb. 8, Schumer says

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

The state of play: Schumer announced the schedule after reaching an agreement with Republicans. The House will transmit the article of impeachment against the former president late Monday.

10 hours ago - Health

CDC extends interval between COVID vaccine doses for exceptional cases

Photo: Joseph Prezioso/AFP via Getty

Patients can space out the two doses of the coronavirus vaccine by up to six weeks if it’s "not feasible" to follow the shorter recommended window, according to updated guidance from the Centers for Disease and Control and Prevention.

Driving the news: With the prospect of vaccine shortages and a low likelihood that supply will expand before April, the latest changes could provide a path to vaccinate more Americans — a top priority for President Biden.