Subject: File No. 265-27
From: David J Quackenbush, 7589741
Affiliation: none.

January 26, 2017

Please do not continue the $.05 tick size pilot program. This is a bad idea that only benefits brokers and market makers. I am an individual investor who prefers small cap stocks. Market makers have control over what the bid and ask, you don't need to give them an additional $.04 per share.
I find myself avoiding stocks in this pilot program not just because of the annoyance but also because it adds to my costs. It is particularly gauling when I am forced to bid at nickel increments and the last trade was not at a nickel increment. This happens all the time. It is very unfair that others (presumably brokers and market makers) can bid between the nickels and I can not.