Duffy Voices Concerns Over Tick-Size Pilot Program

U.S. Representative Sean Duffy (WI-07) submitted comments to Securities and Exchange Commission (SEC) Chair Mary Jo White regarding the implementation of a Tick Size Pilot Program. The program is derived from the Congressman's House-passed legislation, H.R. 3448, which directed the SEC to develop a similar pilot.

In his comments to the Chair, Rep. Duffy offered, "I am encouraged by both the timeliness and willingness of the participants to meet the perimeters of the Order Directing the Exchanges and the Financial Industry Regulatory Authority to Submit a Tick Size Pilot Plan." However, among his concerns, Rep. Duffy has reservations about the proposed length of the pilot program saying, "A one-year Pilot will not be enough time to warrant the start-up costs and other investments needed to participate in the Pilot." Rep. Duffy is advocating for a five year plan consistent with H.R. 3448.

H.R. 3448 passed the House with an overwhelmingly bipartisan vote of 412-4 following unanimous passage in the House Financial Services Committee.

Source