notices

With effect from 3rd October 2016, the U.S. Securities and Exchange Commission ("SEC") is implementing a test program to widen the bid-ask spread in certain smaller capitalized issuers. The program enables SEC to collect data and evaluate if widened spreads help capital formation for smaller companies. Please refer to http://www.finra.org/industry/automation-download-tick-size-pilot-securities-file-and-changes-list for the FINRA list and any changes.

The program requires that orders for the selected stocks be sent and received in 5 cents increments. Limit orders (as well as stop and stop limit orders) can only be entered in five cent increments (0.05, 0.10, 0.15, etc). Limit order (or stop or stop limit order) entered less than a five cent increment will be rejected.

The program is being phased in starting 3rd October 2016. By 31st October 2016, all 1200 securities will be phased in. Details of the rollout and which stocks are included, including changes occurring to this list can be found at: http://www.finra.org/industry/tick-size-pilot-program-implementation-plan.

More information about the Tick Size Pilot Program can be found at: http://www.finra.org/industry/tick-size-pilot-program.