NMS Tick Size Pilot Plan

The Security Traders Association (“STA”)1 offers comment on the national market system plan (“Plan”) to implement a targeted 12-month pilot program that will widen minimum quoting and trading increments (“tick sizes”) for certain stocks with smaller capitalization. This Plan was filed on November 3, 2014 in response to the June 24, 2014 Securities and Exchange Commission (“Commission”) order directing the Exchanges and the Financial Industry Regulatory Authority to submit a tick size pilot plan (Release No. 34-72460). Data gathered from the Plan will enable the Commission to study the impact of wider quoting and trading increments on the trading of certain small capitalization stocks.

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