,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #hdcf  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #bj1 #bjbb,mr4  
,huiz5ga introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to require !      
,securities & ,ex*ange ,commission to   
c>ry out a /udy on ! ne$ to revise !    
curr5t tick size regime1 & = o!r        
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,accurate ,pric+ =         
,inve/ors ,act4  #b4 ,/udy on ! ne$ to  
revise ! curr5t tick size regime  7a7   
,/udy ,! ,securities & ,ex*ange         
,commission %all c>ry out a /udy to--   
7#a7 assess ! ne$ to revise ! curr5t    
tick size regime1 p>ticul>ly = /ocks t  
data sugge/s may be tick-con/ra9$1 to   
improve public price discov]y &         
facilitate fair competition betwe5      
ex*ange & non-ex*ange m>kets2  7#b7     
exam9e ! impacts ( artificially wide    
spreads t are a function ( ! tick size  
regime & _! impacts on-- 7,a7 public    
price discov]y2 &  7,b7 facilitat+ fair 

competition betwe5 ex*ange & non-ex*ange
 m>kets2  7#c7 exam9e :e!r r$uc+ ! tick 
size = "s /ocks may l[] execution co/s =
 retail inve/ors2 &  7#d7 exam9e :e!r   
id5tify+ non-ex*ange m>ket c5t]s 9 trade
 reports publi%$ on ! consolidat$ tape  
w\ld enhance public price discov]y &    
address m>ket fragm5tation4  7b7 ,report
 ,n lat] ?an ! end ( ! #ahj-;day p]iod  
beg9n+ on ! date ( enactm5t ( ?is ,act1 
! ,securities & ,ex*ange ,commission    
%all issue a report to ! ,committee on  
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives & ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate conta9+ all f9d+s & det]m9ations 
made 9 c>ry+ out ! /udy requir$ "u      
subsection 7a74