September 2, 2014
I am a retired small investor. I am against any rule that would require larger tick sizes. When I first started to trade , it cost $200 to do a trade, and there were large tick sizes. The tick sizes only help market makers become wealthy and serve no other purpose. High freq. traders have collapsed the bid ask size and benefited the retail trader. They are the new market makers which means half of all trades will go threw them. The ones that stay in business do not take bets, but merely get between the bid ask spread to facilitate trades. At penny wide tick sizes they cost the retail trader a lot less than the old market makers.
Currently the tick size on the most active stocks are under one penny. I happen to believe in capitalism, and think this shows it working. Every time I buy or sell I am taking a loss on the tick size, so I rather it was smaller not wider. Now if I buy something and wish to sell it back at once I only lose a penny per share.
As far as the NYSE goes, it should be out of business. It is non competitive and thankfully my broker (TD) does not use them .Also it is no longer a US owned company and I do not think congress should pass laws (Crony Capitalism) to keep it in business.