SEC Grants Exemptions Relating to the Data Publication Requirements of the Tick Size Pilot
In two separate letters, the SEC Division of Trading and Markets (the "Division") granted exemptions to FINRA and numerous exchanges from certain data publication provisions of the National Market System Plan to Implement a Tick Size Pilot Program (the "Pilot"). The first letter allows FINRA and the exchanges to delay publication of certain Pilot data regarding market quality statistics until August 31, 2017. The purpose of the delay is to provide FINRA and the exchanges with sufficient time to address confidentiality concerns associated with the publication of such data. The second letter permits FINRA and the Chicago Stock Exchange ("CHX") to publish the Pilot data on an aggregated basis on FINRA's website using an anonymous, grouped masking methodology to address confidentiality concerns.
As previously reported, the Pilot was implemented in order to study the effect of tick size on the liquidity and trading of small capitalization stocks.
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