On October 3, the Financial Industry Regulatory Authority, Inc. proposed to amend FINRA Rule 6433 to extend to February 13, 2015, the operation of the Tier Size Pilot (Pilot) that changed minimum quotation sizes (tier sizes) for over-the-counter equity securities (OTC Equity Securities). In FINRA’s assessment of the Pilot, it found that the Pilot had a neutral to positive impact on the majority of OTC Equity Securities and tier structure. FINRA also found a 13 percent increase in the number of customer limit orders that met the Pilot display minimum threshold. FINRA seeks to extend the Pilot to accumulate more data to review the effects of the Pilot. 

Click here to read the proposed rule.