Small Cap Stocks SEC Tick Size Pilot Program

Beginning on 10/17/16, Ustocktrade will begin participation in an SEC Tick Size Pilot Program that will allow the SEC, market participants, and the public to study and assess the impact of increment conventions on the liquidity and trading of common stocks of small capitalization companies.

The program requires the widening of quoting and trading increments for a group of Pilot Securities.

The Pilot securities will be subdivided into three Test Groups and a Control Group, each with its own requirements and exceptions relating to quoting and trading increments to facilitate the referenced analysis.

  • Control Group (C): Will Continue to be quoted and traded as is currently permitted.
  • Test Group One (G1): Will be quoted in .05 minimum increments, however, may execute at any price/penny increments.
  • Test Group Two (G2): Will be quoted in .05 minimum increments and may only execute in .05 minimum increments or at the mid-point between the National Best Offer and National Best Bid.
  • Test Group Three (G3): Ustocktrade will NOT participate in this group and all symbols included in test group three will be inactive on the platform for the duration of the pilot. List of suspended G3 Symbols 
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