Tick Size Pilot Program

Overview

On June 24, 2014 the SEC issued an order directing that the national securities exchanges and FINRA (collectively, “SROs”) to act jointly to develop and file an NMS plan with the SEC to implement a pilot program to study the impact of wider quoting and trading increments on trading of certain small capitalization stocks. On May 6 2015 the SEC approved an amended Tick Pilot NMS Plan. The Pilot will be two years in length. Market participants will be required to collect data to ensure the impact of the pilot can be properly studied. Data collection for the pilot began on April 4, 2016. Implementation of the trading and quoting rules for the Pilot will begin on October 3, 2016. For more information please see the additional resources to the right.

Tick Size Pilot Implementation Dates

The Tick Size Pilot Operating Committee will commence the Tick Size Pilot Program on October 3, 2016, using a phased in approach as follows:

Date ActionAdditional Details
October 3rd 5 Symbols -
Test Group 1
All other symbols assigned to TG1, TG2, or TG3 will be placed into the Control Group until they are activated in their respective group.
 5 Symbols -
Test Group 2
NYSE, Nasdaq, and FINRA symbol lists will be updated accordingly.
October 10th 100 Symbols -
Test Group 1
 
 100 Symbols -
Test Group 2
 
October 17th 400 Symbols -
Test Group 1
All Test Group 1 and 2 symbols are live.
 400 Symbols -
Test Group 2
 
 5 Symbols -
Test Group 3
 
October 24th100 Symbols -
Test Group 3
 
October 31st400 Symbols -
Test Group 3
All Test Group 3 symbols are live.

Eligible Securities List

The Listing Exchanges will designate the Pilot securities and group assignments (Control Group or one of the three Test Groups) as of the close of the market on Thursday, September 1, 2016. On the evening of September 2, 2016, a list of securities eligible for the Tick Size Pilot that are listed on The Nasdaq Stock Market will be published. At this time, all securities will be designated for the Control Group and will continue to be reflected as Control Group securities for the entire month of September.

The daily list of the Pilot securities listed on The Nasdaq Stock Market, and a cumulative list of changes, will be posted each night by 8:00 p.m. ET and will be available at: ftp://ftp.nasdaqtrader.com/files/ticksizepilot.

The historical daily list of the Pilot securities will be available at: ftp://ftp.nasdaqtrader.com/files/ticksizepilot/Historicalfiles/

Tick Size Pilot Securities

Effective Date Download Files Timestamp
April 24, 2017 Download 04/21/2017 6:46:39 PM



Tick Size Pilot Changes

Effective Date Download Files Timestamp
April 24, 2017 Download 04/21/2017 6:46:39 PM

Tick Size Pilot Data Collection

Publicly available statistics as described in Appendix B of the Tick Size Plan will be available here: Tick Size Pilot Appendix B Data.

Publicly available statistics as described in Item II of Appendix C of the Tick Size Plan will be consolidated and available on FINRA’s Tick Size Pilot webpage.

Tick Size Pilot Securities Selection and Group Assignment Process

On September 2nd, the Listing Exchanges established which securities will be included as Pilot Securities for the Tick Size Pilot Plan and in which Tick Pilot Test Group each eligible security will be assigned.

For information on the category assignments used in the Pilot Securities selection process, please see here. A detailed description of the process for category assignments can be found in the Tick Pilot NMS Plan.