--- title: The Tick Size Pilot - Building Blocks for Success (by Eric Noll, Convergex) description: The Tick Size Pilot - Building Blocks for Success (by Eric Noll, Convergex) --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/tick-size-pilot-building-blocks-success-by-eric-noll-convergex#popup-newsletter) #### Want the latest news on securities markets -- FREE? 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Convergex recently conducted an analysis regarding the* *Tick Size Pilot Program and the results were somewhat surprising. * *Some key findings in the attach include:* - Convergex looked at the data from the possible universe of stocks to be included in TSP and **we found that the median bid-ask spread is currently 6.2 cents**, or even wider than the “new” 5 cent spread envisioned by the TSP.   - **We also found that the 61% of all equities eligible for inclusion in the TSP trade for average spreads of $0.05 to $1.00**.  Moreover, these wider spreads are not due to high stock prices; the average price here is $27/share.   - **This data casts a new light on the Tick Size Pilot, since moving to nickel spreads for the securities chosen to participate in those buckets will not necessarily increase their actual bid-ask spread.** It may, in the case of the median names with a 6 cent spread, actually decrease it if market makers round down rather than up to a dime.  The same, of course, holds true for stocks with a current average spread of 11 cents, 16 cents, and so forth. For the full Convergex report, please click [here](http://info.convergex.com/hubfs/TickSizePilot_9916_V2long.pdf?utm_campaign=Blueprint&utm_source=hs_email&utm_medium=email&utm_content=2&_hsenc=p2ANqtz--BUrxPsctRaF_Fgge8cWKzEWIKNPkAYGSe8D9xs7APqZQ94SmMYjzeua69Fd-9WuDh2Lsc8lzG2dktw0t8p5ejgFJkSQ&_hsmi=2) [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/tick-size-pilot-building-blocks-success-by-eric-noll-convergex) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/tick-size-pilot-building-blocks-success-by-eric-noll-convergex) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/tick-size-pilot-building-blocks-success-by-eric-noll-convergex) ![email](https://articles.marketsmedia.com/hubfs/Markets%20Media/email.svg) ### NEWSLETTER SIGN UP And receive exclusive articles on securities markets ### Related articles 1. 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