,,ii  #aagth ,,congress  #b;d ,session  
,s4 #cidg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #bi1    
#bjbb,mr4 ,kennedy introduced the       
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to amend the ,securities       
,exchange ,act of #aicd to permit       
different tick sizes for emerging growth
 companies1 and for other purposes4  #a4
 ,short title ,this ,act may be cited as
 the ,intelligent ,tick ,study ,act4    
#b4 ,tick sizes ,section #aa;,a7c77#f7  
of the ,securities ,exchange ,act of    
#aicd 7#ae ,u4,s4,c4 #ghk-#a7;c77#f77 is
 amended to read as follows3  7#f7 ,tick
 size ,if the ,commission determines    
that the securities of emerging growth  
companies should be quoted and traded   
using a minimum increment of greater    
than #j4ja1 the ,commission may1 by     
rule1 designate a minimum increment for 
the securities of emerging growth       
companies that is greater than #j4ja but

 not more than #j4be for use in all     
quoting and trading of securities in any
 exchange or other venue4  4  #c4       
,report  7a7 ,definition of security ,in
 this section1 the term security has the
 meaning given the term in section #c of
 the ,securities ,exchange ,act of #aicd
 7#ae ,u4,s4,c4 #gh;c74  7b7 ,report    
,not later than #a year after the date  
of enactment of this ,act1 the          
,securities and ,exchange ,commission   
shall conduct a study and submit to     
,congress a report that examines-- 7#a7 
the transition to trading and quoting   
securities in increments other than     
#j4ja1 which includes increments higher 
and lower than #j4ja2  7#b7 the impact  
that the change described in paragraph  
7#a7 has had on liquidity and market    
quality for small1 middle1 and large    
capitalization company securities2 and  
7#c7 whether there is sufficient        
economic incentive to support trading   
operations in the securities described  
in paragraph 7#b7 in increments other   

than #j4ja4