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 of the year Tick Size Pilot представляет собой тест управляемых данными для оценки того или нет расширения размер тика для бумаг небольших компаний капитализации окажет влияние торговли , 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:
- Control group будет котироваться и торговли на их текущего прироста размера клещ.
- First test group будет котироваться в $ 0,05 Step, but will continue to trade at their current price gains.
- Second experimental group будут котироваться и торговли в $ 0,05 minimum steps, but would allow certain exceptions for the midpoint of executions, executions of retail investors and bargaining deals.
- Third test group будет придерживаться требований второй опытной группе, but will also be subject “trading on” requirement. There will also be an exception for block size orders.
Market statistics for quality, market and in-demand data order restrictions, and the profitability of the market maker will be collected and presented to the SEC on a monthly basis. market data quality and aggregated market maker profitability data will also be available to the public on a monthly basis for each Participant's plan, who acts as the designated investigator for the mall or market maker, who is required to submit data according to the plan.
Plan participants must submit their initial mite experimental assessment through 18 months after, how the plan starts from the data, received during the first 12 months of operation.
More: http://www.finra.org/industry/tick-size-pilot-program
