FINRA proposed a rule amendment to permanently adopt minimum quotation sizes for OTC equity securities implemented under the Tier Size Pilot Program ("Pilot").
According to FINRA, the Pilot was intended to (i) "simplify the structure of the minimum quotation size," (ii) enhance the presentation of customer limit orders under FINRA Rule 6460 ("Display of Customer Limit Orders"), and (iii) increase the "scope of the Rule [6433]" in order to treat types and sources of quotations under FINRA Rule 6433 ("Minimum Quotation Size Requirements for OTC Equity Securities") in a similar manner.
The Pilot was initially proposed on November 12, 2012, and was subsequently extended ten times. As it stands, the expiration date of the Pilot is June 7, 2018.
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