The US Securities and Exchange Commission (SEC) issued an order directing Equity Exchanges and Financial Industry Regulatory Authority (FINRA) to launch a Tick Size Pilot Program. Tick Size Pilot Program has been implemented and effective from October 3 2016. For limit orders or stop loss orders submitted before US Market open or during the US Stock trading hours, Customer must input a price in an increment of US$0.05 for buying and selling the selected US securities, otherwise, the order will not be processed. Customer should check the order status after order submission. For selected US securities list and details, please refer to the FINRA website for more information.
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As an expert in financial regulations and securities trading, I've closely followed the developments in the US financial markets, particularly the initiatives taken by regulatory bodies such as the US Securities and Exchange Commission (SEC). One of the notable programs introduced is the Tick Size Pilot Program, which was mandated by the SEC. The program, effective from October 3, 2016, specifically involves Equity Exchanges and the Financial Industry Regulatory Authority (FINRA).
The Tick Size Pilot Program aims to enhance market liquidity and trading conditions for smaller-cap stocks by testing the impact of larger tick sizes. In this context, a tick size refers to the minimum price movement of a trading instrument. For certain US securities, customers are required to input a price in increments of US$0.05 when submitting limit orders or stop loss orders. Importantly, this requirement applies to orders submitted before the US market opens or during the regular US stock trading hours.
Failure to adhere to the prescribed tick size increment may result in the order not being processed. This underscores the importance of customers being vigilant about inputting the correct price increments for buying and selling selected US securities. It's advisable for customers to check the order status after submission to ensure proper processing.
For detailed information on the selected US securities list and specific details related to the Tick Size Pilot Program, customers are directed to refer to the FINRA website. This demonstrates the SEC's commitment to transparency and providing market participants with the necessary resources to comply with regulatory requirements.
In the provided article, there is a disclaimer regarding third-party content on the Citibank website. It emphasizes that information and data on the website, including stock prices, analysts' views, and financial market data, are sourced from third-party providers. Users are explicitly informed that this third-party content is not created or endorsed by any business offering products or services through the website.
The disclaimer also highlights that the third-party content is for general information purposes only and is not intended to constitute a recommendation or solicitation to buy or sell securities or make any investment decisions. Importantly, users are advised to seek professional advice for their specific tax position and are made aware that the third-party content may not take into account views held or promulgated by Citigroup, Inc.
Furthermore, the disclaimer includes a waiver of warranties regarding the third-party content, explicitly stating that there is no warranty of merchantability, fitness for purpose, or non-infringement. Users are cautioned against reproducing, disseminating, or commercially exploiting third-party content without express written consent from the provider.
In conclusion, this article touches upon crucial aspects of financial regulations, including the SEC's Tick Size Pilot Program and the importance of adhering to tick size increments in securities trading. Additionally, it underscores the significance of disclaimers in the financial industry to manage user expectations and potential liabilities.
