SEC Market Structure Advisory Committee; Tick Size Pilot; Holistic Review

STA Issues:

*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.

*STA commends the SEC’s deliberate, data-driven process for reviewing equity market structure, given the many inter-related issues and potential for significant consequences that may occur with rule adjustments. The SEC market structure website helps to promote better understanding of the markets and commendably includes opportunity for comment, which is essential for transparency and further analysis of the data.

*Recognize that the establishment of and procedures for the SEC’s proposed Market Structure Advisory Committee (MSAC) would be governed by the Federal Advisory Committee Act (“FACA”).

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