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Agreed and very apparent. If a stock has an average spread of .35, creating .05 ticks does nothing to tighten the spread. If that really was their goal, they only would have done it to stocks whose average spread is over .05. But stocks that had tighter spreads are now wider...in some cases...

However, the studies also show that as the day progresses, those 61% that have a wider spread than .05 (this data seems to be taken from the AM or open?), the spread tends to narrow as the day goes on. And, by the end of the day, there are a majority of stocks in the test pilot groups that have...