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.

That might help trading venues such as the New York Stock Exchange and Nasdaq Inc., among others, to better compete with wholesalers that can quote in finer increments outside of an exchange.

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.

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.

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