Tick Size Pilot Market Maker Transaction Reporting to End on March 29, 2019
On March 29, 2019, the data collection requirements under the National Market System (NMS) Plan to implement a Tick Size Pilot Program (Tick Size Pilot) will come to an end. The Tick Size Pilot was a data-driven test to evaluate whether or not widening the tick size for securities of smaller capitalization companies would impact the trading, liquidity, and market quality of those securities. While the quoting and trading requirements under the Tick Size Pilot ended on October 2, 2018, data collection obligations continue for a six-month post-pilot data collection period. These obligations include requirements applicable to Market Makers under Appendices B.IV and C of the Plan, which Market Makers satisfy by submitting certain market maker transaction data to the Tick Size Pilot Market Maker Transaction Reporting System (MMTRS) on a daily basis in an industry standard file format. This data obligation will end on March 29, 2019.
Therefore, firms defined as Market Makers under the Tick Size Pilot no longer will be required to submit these data files beyond trade date March 29, 2019. To facilitate the submission of late records, rejection repairs and linkage repairs, the MMTRS will continue to accept and process data files through April 9, 2019.