Duffy commends SEC’s approval of tick-size pilot program

House Financial Services Oversight & Investigations Subcommittee Chairman Sean Duffy (R-WI) commended the Security and Exchange Commission (SEC) today for approving a pilot program widening the minimum quoting and trading increments — or tick sizes –for stocks of smaller companies.

“I am pleased with the SEC pilot program announcement,” Duffy said. “I would like to commend the commissioners and staff at the SEC for working with Congress, industry and stakeholders. The SEC has crafted a program that will examine the liquidity needs of small cap companies entering the market at a duration that will provide solid data to decision makers.”

The SEC started the process of creating the pilot-program after Duffy’s Small Cap Liquidity Reform Act passed the House by a vote of 412-4 in February 2014.  Duffy introduced the bill with Rep. John Carney’s (D-DE).

“This happened because Republicans and Democrats, industry participants and — of course — the SEC collaborated for the best outcome,” Duffy said. “Other regulators should follow the example set by the commission when crafting future rules.”