Wall Street's top regulator on Wednesday unanimously voted to allow stock exchanges to price many stocks in increments of half a penny, rather than the current minimum size of 1 cent, aiming to promote more competitive pricing and reduce investor costs on the $55 trillion U.

The price increments at which thousands of stocks and ETFs are quoted look set for an overhaul Wednesday, when the US Securities and Exchange Commission votes on final rules to reduce them to less than 1 cent.

On Wednesday, the SEC voted to adjust market rules, so that some stocks will be quoted in increments of $0.005. According to Reuters, the decision to apply the change was unanimou

Wall Street's top regulator on Wednesday unveiled rules allowing stock markets to price shares in increments of half a penny, rather than the current minimum size of 1 cent, aiming to promote more competitive pricing and reduce investor costs.