SEC Orders Exchanges and FINRA to Submit Tick Size Pilot Program

The SEC has ordered registered securities exchanges and FINRA to submit a tick size pilot program within 60 days.  The order specifies that the control group will be quoted at the current tick size increment, $0.01 per share, and trade at the increments currently permitted.   The first test group would be quoted in $0.05 minimum increments and trading could continue to occur at any price increment that is permitted today. There are two other test groups with a $0.05 minimum with different trading rules.  The pilot program would be in effect for a year.

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