US markets: Tick Size Pilot Program in phased approach starting from 3 Oct 2016


On 3 Oct 2016, the U.S. Securities and Exchange Commission (“SEC”) will be implementing a pilot program to widen the bid-ask spread in certain smaller capitalized issuers. The purpose of the program is for the SEC to collect data and see if widened spreads help capital formation for smaller companies.

The program includes 1200 securities in three test groups selected by FINRA, subject to changes. The program is being phased in starting 3 Oct 2016 and by 31 Oct 2016, all 1200 securities will be phased in.

For more information, including changes occurring to the list of affected securities, visit

In accordance to the schedule of the affected securities, you will have to enter your order in 5 cent increments (eg : 0.05, 0.10, 0.15, etc) for the affected securities. Your order will be rejected by the respective Exchange if you have entered an incorrect price increment.

Please remember to check your order status in UTRADE order book for the latest status.