The Exchange

SEC Tick Pilot Program:
A Study of Small Cap Market Liquidity

Smaller cap securities generally have less liquidity provision by market makers than larger cap companies. The smallest 4,721 securities account for just 22% of all trading volume, while the largest 500 securities represent 61% of trading volume.1 While NYSE offers Dedicated Market Makers that provide liquidity in small cap companies, we are pleased that regulators and industry participants are working together to focus on creating more liquid, transparent markets for smaller cap companies.

The SEC has approved a pilot program to test hypotheses about how to increase liquidity for small cap companies. The pilot began with a six month data collection period on April 4, 2016, followed by implementation in October 2016. This two-year pilot consists of four groups to evaluate three variables: widening minimum quoting increments, widening minimum trading increments and encouraging displayed liquidity in what is known as the "trade-at" requirement. Results will be compared against a control group. NYSE believes this pilot will be a positive first step in determining how small caps can attract more liquidity in the trading of their shares.


NYSE published a list of eligible securities for inclusion in the data collection phase of the tick pilot on March 7, 2016. Tick pilot eligible securities are Common Stock Operating Companies (i.e., excludes ADRs, Closed End Funds, Preferred Stocks, Warrants, Units, Structured Products and Exchange Traded Products).

The following link contains Tick Pilot Control and Test Group Assignments

The Daily List of all securities included in the data collection phase, and a cumulative list of changes, are posted each night by 10:00 p.m. following the close at

Historical daily lists for data collection eligible issues are available at:

Publicly available statistics as described in Item II of Appendix C of the Tick Size Plan will be consolidated and available on FINRA’s Appendix C Data page.

Equity Markets Association: SEC Tick Pilot - Data and Preliminary Findings

Read the Report