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Tuesday, September 6, 2016

Equity Trader Alert #2016 - 210
Tick Size Pilot Roll Out Notice and Testing Opportunities

Category:

  • Industry Announcement

Markets Impacted:

Contact Information:

Resources:

In accordance with the Tick Size Pilot Plan, the Operating Committee is announcing key steps and dates associated with the roll-out of the Plan scheduled to begin on October 3, 2016..

Tick Size Pilot Implementation

After consultation with industry participants, the Operating Committee will commence the Tick Size Pilot Program on October 3, 2016 using a phased approach similar to other industrywide implementations and individual exchange technology rollouts.

Below is a chart outlining the timeline. Securities assigned to Test Groups will be phased in alphabetically.

Tick Size Pilot Program Implementation Dates


Date Action
 Additional Details
October 3, 2016

5 Symbols- Test Group 1

5 Symbols- Test Group 2

 All other symbols assigned to Test Group 1, Test Group 2, or Test Group 3 will be placed into the Control Group until they are activated in their respective group.

Nasdaq, NYSE and FINRA symbol lists will be updated accordingly.
October 10, 2016

100 Symbols - Test Group 1

100 Symbols - Test Group 2
October 17, 2016

400 Symbols – Test Group 1

400 Symbols – Test Group 2

5 Symbols – Test Group 3

 All Test Group 1 and 2 symbols are live.
October 24, 2016 100 Symbols - Test Group 3
October 31, 2016 400 Symbols – Test Group 3 All Test Group 3 symbols are live.

Eligible Securities List

The Nasdaq Stock Market (“Nasdaq”) and The New York Stock Exchange and NYSE MKT (“NYSE Group”) have published an automated list of securities eligible for the Tick Size Pilot on September 2, 2016. At this time, all securities will be designated for the Control Group.

FINRA will publish a consolidated downloadable list incorporating the Nasdaq and NYSE lists on FINRA.org each night by 2 a.m. ET.

A daily change list will be published for this automated list every day.

All securities will continue to be reflected as Control Group securities for the entire month of September. Starting on October 3, 2016, as securities are moved into their designated Test Group, as determined by the phase in schedule above, the security will move from the Control Group to the applicable Test Group in the daily list.

Test Group Assignment List

Nasdaq and NYSE Group will publish a separate list today, September 6, 2016, identifying the final Test Group assignment for each eligible security. Nasdaq’s list is available here. FINRA will obtain the lists from Nasdaq and NYSE Group to create a consolidated document which will be published on FINRA.org September 6, 2016 after Nasdaq and NYSE Group have posted the lists on their websites.

Nasdaq and NYSE Group will publish any changes to the lists on their respective websites and FINRA will pick up any changes and publish those on FINRA.org.

This list will no longer be published once implementation has completed on October 31, 2016.

Industry Testing

As previously communicated with the industry, the exchanges, FINRA and the SIPs will support industry tests to prepare for the Tick Size Pilot which begins on October 3, 2016. The following dates will be dedicated to weekend testing:

  • September 10, 2016
  • September 17, 2016
  • October 1, 2016

All Pilot Securities will be available during the Tick Size Pilot weekend testing and will be assigned to their final Test Groups.

The following Nasdaq Tick Size Pilot test symbols will also be available for testing:

  • Control Group: ZVZZT
  • Test Group One: ZAZZT
  • Test Group Two: ZBZZT
  • Test Group Three: ZCZZT

Additional Nasdaq Testing Opportunities

Nasdaq Testing Facility (NTF)

Daily testing is available in the NTF. The following schedule outlines the symbol availability for Tick Size Pilot testing in the NTF.


Today

Control Group: ZVZZT

Test Group One: ZAZZT

Test Group Two: ZBZZT

Test Group Three: ZCZZT
September 8th All securities in the list of Pilot Securities and the Tick Size Pilot Group assignments that will be established on September 2, 2016
Nasdaq Production Environment

Nasdaq will also offer daily intraday testing in Nasdaq’s production environment starting September 19, 2016. The following schedule outlines the symbol availability for Tick Size Pilot testing in the production environment.


September 19th

Control Group: ZVZZT

Test Group One: ZAZZT

Test Group Two: ZBZZT
September 29th Test Group Three: ZCZZT

For additional resources on the Tick Size Pilot, please visit Nasdaq’s webpage here.

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