pilot program

6 May 2015 of the year, US Securities and Exchange Commission (SEC) issued an order approving the National Market System (NMS) Implementation Plan for the Tick Size Pilot Program by the National Securities Exchange and FINRA. The order is approved by the NMS Plan for a period of two years and will officially begin 3 October 2016 The Tick Size Pilot is a data-driven test to assess whether or not an expansion in tick size for small cap stocks will impact trading , quality of liquidity, and the market for these securities. The pilot will consist of a control group and three test groups, with each test group, having about 400 valuable papers. Groups are defined as follows: The control group will be quoted and traded on their current tick size increase. The first test group will be quoted in $ 0,05 Step, but will continue to trade at their current price gains. The second experimental group will be listed and trade in $ 0,05 minimum steps, but would allow certain exceptions for the midpoint of executions, executions of retail investors and bargaining deals. Третья тестовая группа будет придерживаться требований второй опытной группе, but will also be subject “trading on” requirement. There will also be an exception for block size orders.