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Tick Size Pilot Program Implementation Plan

In accordance with the Tick Size Pilot Plan, the Operating Committee is announcing key steps and dates associated with the roll-out of the Plan scheduled to begin on October 3, 2016.

Tick Size Pilot Implementation

  • After consultation with industry participants, the Operating Committee will commence the Tick Size Pilot Program on October 3, 2016, using a phased approach similar to other industry-wide implementations and individual exchange technology rollouts.
  • Below is a chart outlining the timeline and process.
  • The list of securities and schedulded implementation dates are provided in the Tick Size Pilot Rollout List  (Excel file).

Tick Size Pilot Program Implementation Dates

Date Action Additional Details
Oct. 3
  • 5 Symbols – Test Group 1
  • 5 Symbols – Test Group 2
  • All other symbols assigned to Test Group1, Test Group 2, or Test Group 3 will be placed into the Control Group until they are activated in their respective group.
  • NYSE, Nasdaq, and FINRA symbol lists will be updated accordingly.
Oct. 10
  • 100 Symbols - Test Group 1
  • 100 Symbols - Test Group 2
Oct. 17
  • 400 Symbols – Test Group 1
  • 400 Symbols – Test Group 2
  • 5 Symbols – Test Group 3
  • All Test Group 1 and 2 symbols are live.
Oct. 24
  • 100 Symbols – Test Group 3
Oct. 31
  • 400 Symbols – Test Group 3
  • All Test Group 3 symbols are live.

Eligible Securities List

  • The New York Stock Exchange and NYSE MKT (NYSE Group) and the Nasdaq Stock Market (Nasdaq) will publish an automated list of securities eligible for the Tick Size Pilot on the evening of Sept. 2, 2016. At this time, all securities will be designated for the Control Group.
  • FINRA will pick up the lists and publish the consolidated downloadable list on each night by 2 a.m. EST beginning on September 3, 2016.
  • A daily change list will be published for this automated list every day.
  • All securities will continue to be reflected as Control Group securities for the entire month of September.
  • Starting on October 3, 2016, as securities are moved into their designated Test Group, as determined by the phase in schedule below, the security will move from the Control Group to the applicable Test Group in the daily list.

Test Group Assignment List

  • NYSE Group and Nasdaq will each publish a manual list on September 6, 2016, identifying the final Test Group assignment for their respective eligible securities.
  • FINRA will obtain the lists from NYSE Group and Nasdaq to create a consolidated document, which will be published on September 6, 2016 after NYSE Group and Nasdaq have posted the lists on their websites.
  • NYSE Group and Nasdaq will publish any changes to the lists on their respective websites and FINRA will pick up any changes and publish those on
  • This list will no longer be published once implementation has completed.

Industry Testing

As has previously been communicated with the industry, the exchanges, FINRA and the SIPs will support industry tests to prepare for the pilot which begins on October 3, 2016. The following dates will be dedicated to weekend testing:

  • September 10
  • September 17
  • October 1

Individual exchanges and FINRA will disseminate additional information to their members in advance of the test dates.