# What Was the Primary Goal of the SEC's Tick Size Pilot Program for Small-Cap Stocks? ▴ Question

**Published:** 2025-08-15
**Categories:** Question

---

![Internal components of a Prime RFQ execution engine, with modular beige units, precise metallic mechanisms, and complex data wiring. This infrastructure supports high-fidelity execution for institutional digital asset derivatives, facilitating advanced RFQ protocols, optimal liquidity aggregation, multi-leg spread trading, and efficient price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-rfq-engine-for-institutional-digital-asset-options.jpg)

![A central teal column embodies Prime RFQ infrastructure for institutional digital asset derivatives. Angled, concentric discs symbolize dynamic market microstructure and volatility surface data, facilitating RFQ protocols and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-alpha-generation-execution.jpg)

## Concept

The U.S. Securities and Exchange Commission’s [Tick Size Pilot Program](https://prime.greeks.live/area/tick-size-pilot-program/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) was a data-driven examination into the [market structure](https://prime.greeks.live/guide/why-market-structure-is-your-biggest-untapped-edge/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) of small-capitalization stocks. Its central objective was to assess whether mandating a wider minimum quoting and trading increment, specifically moving from one cent ($0.01) to five cents ($0.05), could improve liquidity and overall market quality for these less-traded securities. The program was born from a persistent debate within financial markets ▴ that the transition to decimal pricing in 2001, while beneficial for large-cap stocks, had inadvertently eroded the economic incentives for market makers to support smaller companies.

A wider tick size, the hypothesis went, would create a larger spread, theoretically allowing [market makers](https://prime.greeks.live/question/how-does-market-fragmentation-affect-adverse-selection-for-market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to generate more revenue. This increased profit potential was intended to encourage them to commit more capital, enhance [liquidity](https://prime.greeks.live/area/liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and possibly fund more robust research coverage for this vital segment of the economy.

![Interconnected modular components with luminous teal-blue channels converge diagonally, symbolizing advanced RFQ protocols for institutional digital asset derivatives. This depicts high-fidelity execution, price discovery, and aggregated liquidity across complex market microstructure, emphasizing atomic settlement, capital efficiency, and a robust Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-protocols.jpg)

## The Economic Theory behind the Intervention

The core of the program rested on a specific economic theory. In a sub-penny pricing environment, the [bid-ask spread](https://prime.greeks.live/area/bid-ask-spread/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for thinly traded stocks can become so narrow that the profit for a market maker on a single trade is minimal. This low profitability discourages market makers from displaying significant liquidity on the order book, leading to wider effective spreads and higher [trading costs](https://prime.greeks.live/question/how-do-you-compare-rfq-execution-costs-versus-lit-market-execution-costs/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for investors than the quoted spread might suggest. By artificially widening the minimum spread to a nickel, the program was designed to reintroduce a sufficient profit motive.

The anticipated outcome was a cascade of positive effects ▴ deeper order books, more stable trading, and a healthier ecosystem for capital formation among smaller public companies. The pilot was structured as a rigorous experiment to gather empirical data and move this long-standing debate from the realm of theory to evidence-based policy.

> The program was a large-scale experiment designed to determine if a wider tick size could revitalize market maker incentives and improve trading conditions for small-cap stocks.

![Internal hard drive mechanics, with a read/write head poised over a data platter, symbolize the precise, low-latency execution and high-fidelity data access vital for institutional digital asset derivatives. This embodies a Principal OS architecture supporting robust RFQ protocols, enabling atomic settlement and optimized liquidity aggregation within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-precision-execution-system-microstructure.jpg)

## A Structured Approach to a Complex Question

To ensure the collection of reliable data, the [SEC](https://prime.greeks.live/area/sec/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and the national securities exchanges designed a highly structured two-year pilot. It involved segmenting a specific universe of [small-cap stocks](https://prime.greeks.live/area/small-cap-stocks/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) into different groups, each subject to distinct rules. This methodical approach allowed for a comparative analysis, isolating the effects of different variables to understand their precise impact on market behavior. The securities selected for the program were generally those with a market capitalization of $3 billion or less, a share price of at least $2.00, and an average daily trading volume of one million shares or less.

This careful selection ensured the test focused squarely on the intended market segment without distorting the broader market. The program’s design reflected a commitment to empirical analysis, seeking to provide definitive answers to critical questions about [market microstructure](https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and its influence on corporate growth.

![A sleek, futuristic apparatus featuring a central spherical processing unit flanked by dual reflective surfaces and illuminated data conduits. This system visually represents an advanced RFQ protocol engine facilitating high-fidelity execution and liquidity aggregation for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-options-rfq-liquidity-aggregation-interface.jpg)

![Two precision-engineered nodes, possibly representing a Private Quotation or RFQ mechanism, connect via a transparent conduit against a striped Market Microstructure backdrop. This visualizes High-Fidelity Execution pathways for Institutional Grade Digital Asset Derivatives, enabling Atomic Settlement and Capital Efficiency within a Dark Pool environment, optimizing Price Discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-nodes.jpg)

## Strategy

The strategic framework of the Tick Size [Pilot Program](https://prime.greeks.live/question/what-are-the-most-critical-success-metrics-to-track-during-a-pilot-program-for-new-rfp-software/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) was an exercise in controlled experimentation, designed to isolate and measure the impact of specific market structure changes. Rather than implementing a single, market-wide rule change, the SEC and Self-Regulatory Organizations (SROs) devised a multi-group structure to test different hypotheses simultaneously. This allowed them to observe how quoting increments, trading increments, and rules governing trade execution each contributed to [market quality](https://prime.greeks.live/area/market-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The entire strategy was predicated on collecting a vast amount of data to inform future regulatory decisions, making it one of the most ambitious market structure experiments ever conducted.

![A central, metallic, multi-bladed mechanism, symbolizing a core execution engine or RFQ hub, emits luminous teal data streams. These streams traverse through fragmented, transparent structures, representing dynamic market microstructure, high-fidelity price discovery, and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/principal-grade-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-optimal-price-discovery-across-fragmented-market-microstructure.jpg)

## The Multi-Group Experimental Design

The program’s core strategy involved dividing approximately 1,200 eligible small-cap securities into four distinct segments ▴ a [control group](https://prime.greeks.live/question/how-does-the-choice-of-a-control-group-affect-the-validity-of-a-dealer-performance-study/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and three test groups. Each group operated under a unique set of rules for the duration of the two-year pilot, which officially commenced on October 3, 2016. This segmentation was the strategic key to understanding the nuanced effects of wider tick sizes.

- **The Control Group** ▴ This group, comprising the majority of the selected securities, continued to trade under the existing market structure. They were quoted and traded in $0.01 increments, serving as the baseline against which the performance of the test groups could be measured.

- **Test Group One** ▴ Securities in this group were quoted in $0.05 increments, but they could continue to trade at any price increment, including the existing $0.01. This was designed to test the theory that simply widening the publicly displayed spread would be enough to incentivize market makers, without restricting price discovery within the spread.

- **Test Group Two** ▴ This group faced more stringent rules. Both quoting and trading were required to occur in $0.05 increments. The strategy here was to see if forcing all transactions to a wider increment would create more meaningful liquidity at each price point. However, certain exemptions were permitted, such as for midpoint executions and trades negotiated with retail investors, to maintain some market flexibility.

- **Test Group Three** ▴ The most restrictive group, these securities followed the same $0.05 quoting and trading rules as Test Group Two but with an additional “Trade-At” requirement. This rule generally prohibited a trading center from executing an order internally at the best displayed price (the NBBO) if it was not the venue displaying that price. The strategic intent was to encourage [market participants](https://prime.greeks.live/question/how-should-regulators-balance-the-need-for-ccp-resiliency-with-the-costs-imposed-on-market-participants/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to post more displayed, or “lit,” liquidity on exchanges rather than executing trades in dark pools.

> By segmenting securities into a control group and three distinct test groups, the pilot program could systematically evaluate the isolated and combined effects of wider quoting, trading, and execution rules.

![A polished metallic needle, crowned with a faceted blue gem, precisely inserted into the central spindle of a reflective digital storage platter. This visually represents the high-fidelity execution of institutional digital asset derivatives via RFQ protocols, enabling atomic settlement and liquidity aggregation through a sophisticated Prime RFQ intelligence layer for optimal price discovery and alpha generation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimization-for-high-fidelity-execution-and-liquidity-aggregation-via-prime-os-intelligence-layer.jpg)

## Data Collection as a Strategic Pillar

A fundamental component of the program’s strategy was its comprehensive data collection mandate. Market participants, including exchanges and market makers, were required to submit detailed data to the SEC on a monthly basis. This data encompassed a wide range of metrics designed to measure market quality and economic impact.

### Key Data Metrics Collected During the Tick Size Pilot

| Metric Category | Specific Data Points | Strategic Purpose |
| --- | --- | --- |
| Market Quality Statistics | Effective spreads, quoted spreads, depth of order books, volatility. | To directly measure whether the wider ticks were improving liquidity and stabilizing prices. |
| Order Data | Volume and type of market orders and marketable limit orders. | To understand how the rule changes affected trading behavior and order routing decisions. |
| Market Maker Profitability | Aggregated trading profits for market makers in the pilot securities. | To test the core hypothesis that wider ticks would increase the economic incentive for liquidity provision. |

This information was not only provided to regulators but was also made publicly available, allowing academics, market participants, and the public to conduct their own analyses. This transparency was a strategic choice to ensure the pilot’s findings were robust, credible, and thoroughly vetted by the entire industry.

![A solid object, symbolizing Principal execution via RFQ protocol, intersects a translucent counterpart representing algorithmic price discovery and institutional liquidity. This dynamic within a digital asset derivatives sphere depicts optimized market microstructure, ensuring high-fidelity execution and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-orchestration.jpg)

![Angularly connected segments portray distinct liquidity pools and RFQ protocols. A speckled grey section highlights granular market microstructure and aggregated inquiry complexities for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-efficiency.jpg)

## Execution

The execution of the [Tick Size](https://prime.greeks.live/area/tick-size/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Pilot Program, from its launch in October 2016 to the end of data collection in March 2019, represented a massive operational undertaking for the entire U.S. equity market ecosystem. It required exchanges, broker-dealers, and data processors to reconfigure their systems to handle the complex quoting, trading, and reporting requirements for the pilot securities. The execution phase was where the theoretical design of the experiment met the practical realities of market operations, and the resulting data provided a complex and often contradictory picture of the program’s impact.

![Parallel execution layers, light green, interface with a dark teal curved component. This depicts a secure RFQ protocol interface for institutional digital asset derivatives, enabling price discovery and block trade execution within a Prime RFQ framework, reflecting dynamic market microstructure for high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-driven-institutional-digital-asset-derivatives-rfq-execution-framework.jpg)

## Operational Impact and Market Findings

The primary goal of the pilot was to see if wider tick sizes would improve market quality for small-cap stocks. The execution of the program and the subsequent analysis of the data revealed a nuanced reality. A joint assessment submitted by the exchanges and [FINRA](https://prime.greeks.live/area/finra/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), along with numerous academic studies, scrutinized the program’s effects on key market health indicators.

The results showed that, for securities in the test groups, trading costs demonstrably increased. The wider, mandated nickel spread directly translated into higher costs for investors to cross the spread and execute trades. While this outcome was expected, the critical question was whether this increased cost was offset by benefits in other areas, such as greater liquidity or improved price stability.

For the most part, the anticipated benefits failed to materialize in a significant way. There was little evidence of a substantial increase in [market maker](https://prime.greeks.live/question/how-does-mifid-ii-specifically-regulate-market-maker-obligations-during-periods-of-market-stress/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) liquidity provision or a meaningful reduction in volatility that could justify the higher trading costs.

> The program’s execution revealed that while wider tick sizes did increase trading costs as expected, they did not consistently deliver the hypothesized benefits of improved liquidity or market maker support.

![A robust circular Prime RFQ component with horizontal data channels, radiating a turquoise glow signifying price discovery. This institutional-grade RFQ system facilitates high-fidelity execution for digital asset derivatives, optimizing market microstructure and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-for-digital-asset-derivatives-execution.jpg)

## Analysis of the “Trade-At” Provision

One of the most closely watched elements of the pilot was the “Trade-At” requirement imposed on Test Group Three. This provision was designed to combat the rise of off-exchange trading by incentivizing market participants to post their orders on public exchanges. The execution of this rule was complex, requiring sophisticated monitoring of order routing. The data indicated that the [Trade-At rule](https://prime.greeks.live/area/trade-at-rule/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) did succeed in shifting a modest amount of trading volume from dark pools to lit exchanges.

However, this shift did not appear to translate into a broader improvement in market quality for the securities in that group. The hoped-for increase in displayed liquidity depth did not occur, suggesting that simply forcing volume onto exchanges was insufficient to solve the underlying liquidity challenges for small-cap stocks.

![Transparent conduits and metallic components abstractly depict institutional digital asset derivatives trading. Symbolizing cross-protocol RFQ execution, multi-leg spreads, and high-fidelity atomic settlement across aggregated liquidity pools, it reflects prime brokerage infrastructure](https://options.greeks.live/wp-content/uploads/2025/07/cross-protocol-rfq-execution-digital-asset-derivatives-microstructure-system.jpg)

## Quantitative Outcomes of the Pilot Program

The vast dataset generated during the pilot’s execution allowed for detailed quantitative analysis. While results varied slightly across different studies, a general consensus emerged on several key points. The following table summarizes the high-level findings for the test groups relative to the control group.

### Summary of Tick Size Pilot Program Outcomes

| Performance Metric | Test Group One (Quote Only) | Test Group Two (Quote & Trade) | Test Group Three (Trade-At) |
| --- | --- | --- | --- |
| Quoted Spreads | Significantly Increased | Significantly Increased | Significantly Increased |
| Effective Spreads (Trading Costs) | Increased | Significantly Increased | Significantly Increased |
| Displayed Depth (Liquidity) | No Significant Change | Slight Increase | Slight Increase |
| Trading Volume | Decreased | Decreased | Decreased |
| Share of Off-Exchange Trading | No Significant Change | No Significant Change | Decreased |

Ultimately, the execution of the program served its primary purpose ▴ it generated a rich set of empirical data to guide policy. The joint assessment concluded that the pilot did not produce a clear, overall benefit to market quality that would warrant a permanent, market-wide move to a $0.05 tick size for small-cap stocks. The experiment demonstrated that market microstructure is a complex system, and that a single change, such as widening the tick size, is not a panacea for the challenges facing small-cap issuers and investors.

![Sharp, transparent, teal structures and a golden line intersect a dark void. This symbolizes market microstructure for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-execution-leveraging-granular-market-microstructure-intelligence.jpg)

## References

- Angel, James J. and Douglas M. McCabe. “The SEC’s Tick Size Pilot ▴ A Post-Mortem.” Financial Analysts Journal, vol. 76, no. 3, 2020, pp. 101-118.

- U.S. Securities and Exchange Commission. “Report to Congress on the Tick Size Pilot Program.” 2020.

- FINRA. “Tick Size Pilot Program.” FINRA.org, 2019.

- NYSE. “SEC Tick Pilot Program.” NYSE.com, 2018.

- Bartlett, Robert P. “The Microstructure of the Small-Cap Markets ▴ A Report to the SEC’s Advisory Committee on Small and Emerging Companies.” 2015.

- Comerton-Forde, Carole, et al. “The Tick Size Pilot ▴ A High-Frequency Analysis.” Journal of Financial and Quantitative Analysis, vol. 55, no. 8, 2020, pp. 2511-2541.

- Rindi, Barbara, and Ingrid M. Werner. “The Tick Size Pilot ▴ A Review of the Literature.” Review of Financial Studies, vol. 33, no. 5, 2020, pp. 1863-1904.

![A sophisticated digital asset derivatives execution platform showcases its core market microstructure. A speckled surface depicts real-time market data streams](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-core-microstructure.jpg)

## Reflection

The Tick Size Pilot Program stands as a testament to the value of empirical inquiry in the design of market structures. It moved a decades-old debate from the realm of theory into the domain of measurable outcomes. The results, while not providing a simple solution, offered a more profound lesson ▴ the health of a market segment is the product of a complex interplay of incentives, technology, and regulation.

The program’s data compels us to look beyond single-variable solutions and consider the entire operational framework that governs liquidity and capital formation. It prompts a critical examination of how our own systems interact with these foundational rules and how we might adapt our strategies to the nuanced realities of market microstructure, rather than hoping for a regulatory silver bullet.

![Modular, metallic components interconnected by glowing green channels represent a robust Principal's operational framework for institutional digital asset derivatives. This signifies active low-latency data flow, critical for high-fidelity execution and atomic settlement via RFQ protocols across diverse liquidity pools, ensuring optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution.jpg)

## Glossary

<a href="https://prime.greeks.live/area/tick-size-pilot-program/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision mechanical assembly: black base, intricate metallic components, luminous mint-green ring with dark spherical core. This embodies an institutional Crypto Derivatives OS, its market microstructure enabling high-fidelity execution via RFQ protocols for intelligent liquidity aggregation and optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/08/institutional-crypto-derivatives-rfq-engine-high-fidelity-execution.jpg)

## Tick Size Pilot Program

Meaning ▴ The Tick Size Pilot Program was a regulatory initiative executed by the U.S. </a><a href="https://prime.greeks.live/guide/why-market-structure-is-your-biggest-untapped-edge/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intricate metallic mechanisms portray a proprietary matching engine or execution management system. Its robust structure enables algorithmic trading and high-fidelity execution for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-market-microstructure.jpg)

## Market Structure

Mastering market structure is the definitive edge for superior trading outcomes and professional-grade performance. </a><a href="https://prime.greeks.live/question/how-does-market-fragmentation-affect-adverse-selection-for-market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, institutional-grade system processes a dynamic stream of market microstructure data, projecting a high-fidelity execution pathway for digital asset derivatives. This represents a private quotation RFQ protocol, optimizing price discovery and capital efficiency through an intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-digital-asset-derivatives-execution-microstructure-prime-os.jpg)

## Market Makers

Market fragmentation amplifies adverse selection by splintering information, forcing a technological arms race for market makers to survive. </a><a href="https://prime.greeks.live/area/liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered modular components display a central control, data input panel, and numerical values on cylindrical elements. This signifies an institutional Prime RFQ for digital asset derivatives, enabling RFQ protocol aggregation, high-fidelity execution, algorithmic price discovery, and volatility surface calibration for portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/firm-fx-options-rfq-trade-system-key-microstructure-data-flow-core-engine.jpg)

## Liquidity

Meaning ▴ Liquidity refers to the degree to which an asset or security can be converted into cash without significantly affecting its market price. </a><a href="https://prime.greeks.live/area/bid-ask-spread/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract composition of interlocking, precisely engineered metallic plates represents a sophisticated institutional trading infrastructure. Visible perforations within a central block symbolize optimized data conduits for high-fidelity execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-multi-leg-execution-layer.jpg)

## Bid-Ask Spread

Meaning ▴ The Bid-Ask Spread represents the differential between the highest price a buyer is willing to pay for an asset, known as the bid price, and the lowest price a seller is willing to accept, known as the ask price. </a><a href="https://prime.greeks.live/question/how-do-you-compare-rfq-execution-costs-versus-lit-market-execution-costs/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Smooth, layered surfaces represent a Prime RFQ Protocol architecture for Institutional Digital Asset Derivatives. They symbolize integrated Liquidity Pool aggregation and optimized Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/market-microstructure-rfq-protocols-for-digital-asset-derivatives.jpg)

## Trading Costs

Comparing RFQ and lit market costs involves analyzing the trade-off between the RFQ's information control and the lit market's visible liquidity. </a><a href="https://prime.greeks.live/area/small-cap-stocks/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric planes, translucent teal representing dynamic liquidity pools and implied volatility surfaces, intersect a dark bar. This signifies FIX protocol driven algorithmic trading and smart order routing](https://options.greeks.live/wp-content/uploads/2025/07/optimized-institutional-digital-asset-derivatives-rfq-liquidity-aggregation.jpg)

## Small-Cap Stocks

Meaning ▴ Small-Cap Stocks represent equity securities issued by companies with market capitalizations typically ranging from $300 million to $2 billion, as defined by standard market indices and financial data providers, occupying a distinct segment within the global equity universe and exhibiting specific liquidity and volatility profiles. </a><a href="https://prime.greeks.live/area/sec/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precisely aligned forms depict an institutional trading system's RFQ protocol interface. Circular elements symbolize market data feeds and price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-interface-optimization.jpg)

## Sec

Meaning ▴ The Securities and Exchange Commission, or SEC, constitutes the primary federal regulatory authority responsible for administering and enforcing federal securities laws in the United States. </a><a href="https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision execution pathway with an intelligence layer for price discovery, processing market microstructure data. A reflective block trade sphere signifies private quotation within a dark pool](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-precision-execution.jpg)

## Market Microstructure

Meaning ▴ Market Microstructure refers to the study of the processes and rules by which securities are traded, focusing on the specific mechanisms of price discovery, order flow dynamics, and transaction costs within a trading venue. </a><a href="https://prime.greeks.live/area/market-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, high-fidelity beige device with reflective black elements and a control point, set against a dynamic green-to-blue gradient sphere. This abstract representation symbolizes institutional-grade RFQ protocols for digital asset derivatives, ensuring high-fidelity execution and price discovery within market microstructure, powered by an intelligence layer for alpha generation and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution-terminal-system.jpg)

## Market Quality

Meaning ▴ Market Quality quantifies the operational efficacy and structural integrity of a trading venue, encompassing factors such as liquidity depth, bid-ask spread tightness, price discovery efficiency, and the resilience of execution against adverse selection. </a><a href="https://prime.greeks.live/question/what-are-the-most-critical-success-metrics-to-track-during-a-pilot-program-for-new-rfp-software/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A symmetrical, star-shaped Prime RFQ engine with four translucent blades symbolizes multi-leg spread execution and diverse liquidity pools. Its central core represents price discovery for aggregated inquiry, ensuring high-fidelity execution within a secure market microstructure via smart order routing for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-prime-os-1.jpg)

## Pilot Program

A pilot's success is measured by its ability to quantify the RFP software's impact on operational efficiency and strategic value. </a><a href="https://prime.greeks.live/question/how-does-the-choice-of-a-control-group-affect-the-validity-of-a-dealer-performance-study/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark central hub with three reflective, translucent blades extending. This represents a Principal's operational framework for digital asset derivatives, processing aggregated liquidity and multi-leg spread inquiries](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-engine-for-high-fidelity-digital-asset-derivatives.jpg)

## Control Group

The choice of a control group defines the validity of a dealer study by creating the baseline against which true performance is isolated. </a><a href="https://prime.greeks.live/question/how-should-regulators-balance-the-need-for-ccp-resiliency-with-the-costs-imposed-on-market-participants/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision instrument probes a speckled surface, visualizing market microstructure and liquidity pool dynamics within a dark pool. This depicts RFQ protocol execution, emphasizing price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-flow.jpg)

## Market Participants

Regulators balance CCP resilience and market costs by architecting a tiered default waterfall and calibrating margin models. </a><a href="https://prime.greeks.live/area/tick-size/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision metallic pointers converge on a central blue mechanism. This symbolizes Market Microstructure of Institutional Grade Digital Asset Derivatives, depicting High-Fidelity Execution and Price Discovery via RFQ protocols, ensuring Capital Efficiency and Atomic Settlement for Multi-Leg Spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-for-precision-execution.jpg)

## Tick Size

Meaning ▴ Tick Size defines the minimum permissible price increment for a financial instrument on an exchange, establishing the smallest unit by which a security's price can change or an order can be placed. </a><a href="https://prime.greeks.live/area/finra/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Robust metallic structures, one blue-tinted, one teal, intersect, covered in granular water droplets. This depicts a principal's institutional RFQ framework facilitating multi-leg spread execution, aggregating deep liquidity pools for optimal price discovery and high-fidelity atomic settlement of digital asset derivatives for enhanced capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-optimized-for-high-fidelity-execution.jpg)

## Finra

Meaning ▴ FINRA, the Financial Industry Regulatory Authority, functions as the largest independent regulator for all securities firms conducting business in the United States. </a><a href="https://prime.greeks.live/question/how-does-mifid-ii-specifically-regulate-market-maker-obligations-during-periods-of-market-stress/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract intersecting blades in varied textures depict institutional digital asset derivatives. These forms symbolize sophisticated RFQ protocol streams enabling multi-leg spread execution across aggregated liquidity](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-driven-digital-asset-derivatives-rfq-protocol-execution.jpg)

## Market Maker

MiFID II codifies market maker duties via agreements that adjust obligations in stressed markets and suspend them in exceptional circumstances. </a><a href="https://prime.greeks.live/area/trade-at-rule/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Polished opaque and translucent spheres intersect sharp metallic structures. This abstract composition represents advanced RFQ protocols for institutional digital asset derivatives, illustrating multi-leg spread execution, latent liquidity aggregation, and high-fidelity execution within principal-driven trading environments](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-optimal-execution-orchestration.jpg)

## Trade-At Rule

Meaning ▴ The Trade-At Rule represents a regulatory mandate compelling broker-dealers to execute customer orders at a price equal to or better than the National Best Bid and Offer (NBBO) when internalizing order flow. </a>

**Tags:** [Decimalization](https://options.greeks.live/area/decimalization/), [Small-Cap Stocks](https://options.greeks.live/area/small-cap-stocks/), [National Market System](https://options.greeks.live/area/national-market-system/), [Tick Size Pilot Program](https://options.greeks.live/area/tick-size-pilot-program/), [FINRA](https://options.greeks.live/area/finra/), [SEC](https://options.greeks.live/area/sec/)	

## Discover More

- 
### [The Strategic Differences between Market Orders and Limit Orders](https://options.greeks.live/guide/the-strategic-differences-between-market-orders-and-limit-orders/)
![An abstract digital interface features a dark circular screen with two luminous dots, one teal and one grey, symbolizing active and pending private quotation statuses within an RFQ protocol. Below, sharp parallel lines in black, beige, and grey delineate distinct liquidity pools and execution pathways for multi-leg spread strategies, reflecting market microstructure and high-fidelity execution for institutional grade digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-displaying-multi-leg-execution-status-and-optimal-liquidity-pathways.jpg)

Master the art of trade execution by understanding the strategic power of market and limit orders.

- 
### [How Market Makers Price Spreads and How to Get Their Best Offer](https://options.greeks.live/guide/how-market-makers-price-spreads-and-how-to-get-their-best-offer/)
![A complex interplay of translucent teal and beige planes, signifying multi-asset RFQ protocol pathways and structured digital asset derivatives. Two spherical nodes represent atomic settlement points or critical price discovery mechanisms within a Prime RFQ. Water droplets indicate granular market microstructure data, enhancing high-fidelity execution and mitigating counterparty risk for institutional participants.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-for-optimal-liquidity-aggregation-and-high-fidelity-execution.jpg)

Master the art of the trade by commanding your price and turning market maker spreads into your strategic advantage.

- 
### [How Do Dark Pools Impact the Price Accuracy of Public Exchanges?](https://options.greeks.live/question/how-do-dark-pools-impact-the-price-accuracy-of-public-exchanges/)
![Angularly connected segments portray distinct liquidity pools and RFQ protocols. A speckled grey section highlights granular market microstructure and aggregated inquiry complexities for digital asset derivatives. This visual implies seamless high-fidelity execution and atomic settlement within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-efficiency.jpg)

Dark pools segment order flow, which can refine public price signals at low volumes but risks degrading them as fragmentation increases.

- 
### [How Does Market Microstructure Influence the Effectiveness of Algorithmic Trading Strategies?](https://options.greeks.live/question/how-does-market-microstructure-influence-the-effectiveness-of-algorithmic-trading-strategies/)
![A dark blue sphere, representing a deep liquidity pool for digital asset derivatives, opens via a translucent teal RFQ protocol. This unveils a principal's operational framework, detailing algorithmic trading for high-fidelity execution and atomic settlement, optimizing market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/rfq-block-trade-liquidity-microstructure-execution-prime-os-derivatives-capital.jpg)

Market microstructure defines the operational physics of a market, determining the viability and profitability of any algorithmic strategy.

- 
### [How Does a Firm Quantify the True Cost of Adverse Selection?](https://options.greeks.live/question/how-does-a-firm-quantify-the-true-cost-of-adverse-selection/)
![Intersecting concrete structures symbolize the robust Market Microstructure underpinning Institutional Grade Digital Asset Derivatives. Dynamic spheres represent Liquidity Pools and Implied Volatility. A sophisticated cylindrical Crypto Derivatives OS facilitates High-Fidelity Execution through RFQ protocols, enabling Block Trade and Multi-Leg Spread strategies, ensuring Capital Efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-framework-optimizing-rfq-execution-and-liquidity-for-principal-trading.jpg)

Quantifying adverse selection is the process of measuring the financial cost of trading with more informed counterparties, a critical input for optimizing execution strategy.

- 
### [Can the Growth of Dark Pools Lead to a Degradation of Price Discovery in Lit Markets?](https://options.greeks.live/question/can-the-growth-of-dark-pools-lead-to-a-degradation-of-price-discovery-in-lit-markets/)
![Dark, reflective planes intersect, outlined by a luminous bar with three apertures. This visualizes RFQ protocols for institutional liquidity aggregation and high-fidelity execution. It depicts market microstructure for private quotation, multi-leg spread processing on a Prime RFQ, enabling atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-dynamics.jpg)

The growth of dark pools can paradoxically enhance price discovery by filtering uninformed flow, concentrating informed trades on lit markets.

- 
### [The Institutional Trader’s Edge Accessing Dark Pools and Private Markets](https://options.greeks.live/guide/the-institutional-traders-edge-accessing-dark-pools-and-private-markets/)
![Precision-engineered multi-vane system with opaque, reflective, and translucent teal blades. This visualizes Institutional Grade Digital Asset Derivatives Market Microstructure, driving High-Fidelity Execution via RFQ protocols, optimizing Liquidity Pool aggregation, and Multi-Leg Spread management on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-multi-vane-system-illustrating-institutional-digital-asset-derivatives-rfq-protocols-market-microstructure-optimized-liquidity-aggregation-prime-os-high-fidelity-execution.jpg)

Access the hidden world of institutional liquidity to execute large trades with precision and control.

- 
### [How Does the Use of Two-Sided Quotes Impact the Pricing Offered by Dealers?](https://options.greeks.live/question/how-does-the-use-of-two-sided-quotes-impact-the-pricing-offered-by-dealers/)
![A high-fidelity institutional Prime RFQ engine, with a robust central mechanism and two transparent, sharp blades, embodies precise RFQ protocol execution for digital asset derivatives. It symbolizes optimal price discovery, managing latent liquidity and minimizing slippage for multi-leg spread strategies.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-precision-execution-1.jpg)

The two-sided quote is a risk-transfer protocol where dealer pricing reflects a dynamic calculation of adverse selection and inventory costs.

- 
### [How Do Transaction Costs Affect Spreads in Index versus Single-Stock Options?](https://options.greeks.live/question/how-do-transaction-costs-affect-spreads-in-index-versus-single-stock-options/)
![A polished, dark blue domed component, symbolizing a private quotation interface, rests on a gleaming silver ring. This represents a robust Prime RFQ framework, enabling high-fidelity execution for institutional digital asset derivatives. It facilitates block trades with optimized capital efficiency and minimal slippage via a sophisticated RFQ protocol.](https://options.greeks.live/wp-content/uploads/2025/08/optimized-execution-for-institutional-digital-asset-derivatives-rfq.jpg)

Transaction costs, driven by liquidity and hedging complexity, create wider spreads in single-stock options versus narrower, more efficient index option markets.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Question",
            "item": "https://options.greeks.live/question/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "What Was the Primary Goal of the SEC&#8217;s Tick Size Pilot Program for Small-Cap Stocks?",
            "item": "https://options.greeks.live/question/what-was-the-primary-goal-of-the-secs-tick-size-pilot-program-for-small-cap-stocks/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/question/what-was-the-primary-goal-of-the-secs-tick-size-pilot-program-for-small-cap-stocks/"
    },
    "headline": "What Was the Primary Goal of the SEC's Tick Size Pilot Program for Small-Cap Stocks? \u25b4 Question",
    "description": "The SEC's Tick Size Pilot Program was a data-driven test to assess if wider tick sizes could improve liquidity for small-cap stocks. \u25b4 Question",
    "url": "https://options.greeks.live/question/what-was-the-primary-goal-of-the-secs-tick-size-pilot-program-for-small-cap-stocks/",
    "datePublished": "2025-08-15T06:51:54+00:00",
    "dateModified": "2025-08-15T06:51:56+00:00",
    "articleSection": [
        "Question"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-protocol-execution-engine.jpg",
        "caption": "A sophisticated execution engine is depicted: beige data input, dark data stream, teal liquidity pool reel with clear processing head. This embodies an advanced RFQ protocol, facilitating high-fidelity execution for multi-leg spread strategies and optimal price discovery. It mitigates latency, ensuring capital efficiency via smart order routing, pivotal for institutional prime brokerage within a Crypto Derivatives OS intelligence layer, bolstering systemic resilience."
    },
    "keywords": [
        "Bid-Ask Spread",
        "Decimalization",
        "FINRA",
        "Liquidity",
        "Market Maker Incentives",
        "Market Microstructure",
        "Market Quality",
        "National Market System",
        "SEC",
        "Small-Cap Stocks",
        "Tick Size",
        "Tick Size Pilot Program",
        "Trade-At Rule"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://options.greeks.live/question/what-was-the-primary-goal-of-the-secs-tick-size-pilot-program-for-small-cap-stocks/
