SEC Grants Exemptive Relief Permitting Exchanges to Phase-in Rollout of Tick Size Pilot

The SEC granted FINRA and numerous exchanges (together, the "Participants") exemptive relief to permit the Participants to phase-in the implementation of the Tick Size Pilot. Implementation would start on October 3, 2016, to be completed by October 31, 2016. The phased-in implementation is intended to minimize any potential disruption to the operation of the Tick Size Pilot and the trading of the securities subject thereto, due to any "unforeseen technological systems issues."