Tick Size Pilot File Publication

Each night after market close, NYSE, NYSE MKT and Nasdaq will publish their Daily List of Tick Size Pilot securities to be effective on the next Trading Day. By 2 a.m. each trading day, FINRA will publish a consolidated Tick Size Pilot Securities List, which identifies all of the securities included in the Tick Size Pilot for that trading day, and the Test or Control Group assignment for each security.

FINRA has identified the following scenarios that may impact FINRA’s publication of the consolidated list, and the expected course of action for each case:

  • Any listing exchange is unable to publish its daily files by 12 a.m. ET.
    If a listing exchange is unable to publish its daily file by 12 a.m. ET, FINRA will work with the affected exchange(s) to determine if updates can be obtained and a consolidated list created manually. If manual updates are not possible, FINRA and the affected listing exchange(s) may determine that the prior days’ list should be used. If such decision is reached, FINRA will publish an announcement notifying market participants that the consolidated list was created using the prior day’s list.
  • FINRA is unable to publish a consolidated file by 3 a.m. ET.
    If FINRA is unable to make the consolidated Tick Size Pilot Securities file available on its website by 3 a.m. ET, firms must use the lists published by the listing exchanges on their websites for that trading day:

In either of these cases, FINRA will also publish a technical notice during business hours, notifying firms of the issue and its resolution.