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

US regulators dumped long-standing penny limits on share trading prices and cut the fees exchanges can charge their users in new equity market rules that nonetheless ended far short of more radical initial plans.

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.

Stocks are currently priced in increments of one-cent. But a move by the SEC could lower transaction costs for consumers.