Market participants would have had to wait a year and half for any results on the two-year Tick Size case study, but CMCRC didn’t plan to wait that long.
Together with our partner TabbFORUM, we have delivered on our promise to provide data-driven insight into the results within just weeks of the Tick Size pilot’s commencement (Oct. 3, 2016) through CMCRC’s Market Quality Dashboard. This is in contrast to SEC’s plan to release initial assessment results by April 2018. CMCRC and the TabbFORUM jointly publish daily market quality statistics (updated T+5) for impacted security groups through CMCRC’s Market Quality Dashboard from 10th Oct 2016. The sample period examined extends four months prior to the pilot’s implementation date of Oct. 3, 2016 and runs through the previous week’s end. The Tick Size case study, according to the FINRA website, “is a data-driven test to evaluate whether or not widening the tick size for securities of smaller capitalization companies would impact trading, liquidity, and market quality of those securities.” CMCRC and TabbFORUM have set up an online database for the Tick-Size Pilot that can be found on its MQ Dashboard site, located here. The very intuitive interface allows users to plot different tick pilot schemes and analytical factors across the various exchanges. Suggestions for the development of new metrics are welcome so that members of the public can view and examine them using the MQ Dashboard. To see some early results on the case study on TabbFORUM click here: