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STA Issues:
Tick Size Pilot Program Plan
*STA has supported the creation of a tick size pilot program to determine the impact that increasing the pricing increments may have on the liquidity and trading of smaller capitalization companies.
*SEC issued an order in June, 2014 directing the national securities exchanges and FINRA to submit a Tick Size Pilot Plan that will allow the Commission, market participants and the public to study and assess the impact of increasing pricing increments (tick size)The Plan provides for three Test Groups, each of which would include 400 Pilot Securities.
*Pursuant to the Order, the SROs filed the proposed Plan on November 3, 2014