Tick size
Tick size is the smallest permitted price increment for an instrument. It sets the minimum profit available from moving the price by one increment, which is the unit of profit in most order-book manipulation.
Where does tick size come up?
This term is used in the following manipulation techniques, each explained in full on its own page.
Enforcement actions involving these techniques
| Action | Agency | Filed | Technique | Penalty | Status |
|---|---|---|---|---|---|
| SEC v. Frank M. Cerisano Jr. (spoofing, 2026) | SEC | 2026-08-10 | Spoofing | — | judgment |
| SEC v. Mingran Wang (spoofing, 2026) | SEC | 2026-06-25 | Spoofing | — | settled |
| CFTC v. New York Trader (spoofing, 2026) | CFTC | 2026-05-06 | Spoofing | $200k | judgment |
| CFTC v. Gregg Smith (spoofing, 2026) | CFTC | 2026-01-16 | Spoofing , Wash Trading | $200k | judgment |
| SEC v. Artur Khachatryan (spoofing, 2025) | SEC | 2025-12-16 | Spoofing | — | judgment |