,,ii  #aag? ,,congress  #b;d ,session   
,s4 #cidg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #bi1 #bjbb,mr4    
,k5n$y introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,securities ,ex*ange 
,act ( #aicd to p]mit diff]5t tick sizes
 = em]g+ gr[? companies1 & = o!r        
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,intellig5t ,tick ,/udy    
,act4  #b4 ,tick sizes ,section         
#aa;,a7c77#f7 ( ! ,securities ,ex*ange  
,act ( #aicd 7#ae ,u4,s4,c4             
#ghk-#a7;c77#f77 is am5d$ to read z     
foll[s3  7#f7 ,tick size ,if !          
,commission det]m9es t ! securities (   
em]g+ gr[? companies %\ld be quot$ &    
trad$ us+ a m9imum increm5t ( great] ?an
 #j4ja1 ! ,commission may1 by rule1     
designate a m9imum increm5t = !         
securities ( em]g+ gr[? companies t is  
great] ?an #j4ja b n m ?an #j4be = use 9
 all quot+ & trad+ ( securities 9 any   
ex*ange or o!r v5ue4  4  #c4 ,report    

7a7 ,def9ition ( security ,9 ?is        
section1 ! t]m security has ! mean+ giv5
 ! t]m 9 section #c ( ! ,securities     
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c74  7b7 ,report ,n lat] ?an #a ye> 
aft] ! date ( enactm5t ( ?is ,act1 !    
,securities & ,ex*ange ,commission %all 
conduct a /udy & submit to ,congress a  
report t exam9es-- 7#a7 ! transition to 
trad+ & quot+ securities 9 increm5ts o!r
 ?an #j4ja1 :i* includes increm5ts high]
 & l[] ?an #j4ja2  7#b7 ! impact t !    
*ange describ$ 9 p>agraph 7#a7 has _h on
 liquidity & m>ket quality = small1     
middle1 & l>ge capitalization company   
securities2 &  7#c7 :e!r !re is         
suffici5t economic inc5tive to support  
trad+ op]ations 9 ! securities describ$ 
9 p>agraph 7#b7 9 increm5ts o!r ?an     
#j4ja4