Federal Register: SEC Requests Comments on FINRA Proposal to Modify Certain Data Collection Requirements under Tick Size Pilot

FINRA notified member firms that, effective October 3, 2017, they are required to use the existing Intermarket Sweep Order trade reporting modifier when reporting trades to a FINRA facility that qualifies for the ISO exception to the Trade-at prohibition, under the plan to implement the tick size pilot program.

The SEC Division of Trading and Markets granted a limited exemption to NYSE MKT LLC from certain quoting and trading requirements in the SEC's Tick Size Pilot Program.

The SEC granted a limited exemption to an Exchange from complying with certain requirements of the Tick Size Pilot Plan under Regulation NMS.

The SEC granted a limited exemption to BATS Exchange Inc. from complying with certain requirements of the Tick Size Pilot Plan under Rule 608(c) of Regulation NMS.

The SEC extended the 45-day review period of FINRA's proposals to: (i) adopt FINRA Rule 6191(b) ("Compliance with Regulation NMS Plan to Implement a Tick Size Pilot Program") and amend FINRA Rule 7440 ("Recording of Order Information"); and (ii) adopt FINRA Rule 6191(a) to implement the quoting and trading requirements of the Regulation NMS Plan to Implement a Tick Size Pilot Program. The SEC's Notice of Designation of Long Period for Commission Action on a Proposed Rule Change was published in the Federal Register.

The SEC approved a proposal by FINRA and the national securities exchanges (the "Exchanges") for a two-year pilot program. The program would widen the minimum quoting and trading increments – or tick sizes – for the stocks of certain smaller companies.

The SEC issued and requested public comment on a tick test pilot program, as proposed by FINRA and the exchanges.

The details of the pilot program include: