FINRA proposed to amend Rule 6433 to extend the amendments set forth in the Tier Size Pilot until December 9, 2016. The Tier Size Pilot, which otherwise was set to expire on June 10, 2016, amends the minimum quotation sizes, or tier sizes, for OTC equity securities (i.e., unlisted equity securities) depending on the price level of the quotation.
The extension is intended to provide FINRA with additional time to finalize its proposal relating to the data collected from the Tier Size Pilot. The goals of the Pilot are to simplify the tier structure, facilitate the display of customer limit orders, and expand the scope of the rule to apply to additional quoting participants. FINRA filed the proposed rule change for immediate effectiveness with an operative date of June 10, 2016.
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