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Diane Publishing Books
Securities Markets: Decimal Pricing Has Contributed to Lower Trading Costs and a More Challenging Trading Environment
Richard J. Hillman (au)
In early 2001, U.S. stock & option markets began quoting costs in decimal increments rather than fractions of a dollar. At the same time, the minimum cost increment, or tick size, was reduced to a penny on the stock markets & to 10˘ & 5˘ on the option markets. Although many believe that decimal cost has benefited small individual (retail) investors, concerns have been raised that the smaller tick sizes have made trading more challenging & costly for large institutional investors, including mutual funds & pension plans. The financial livelihood of market intermediaries may also have been negatively affected by the lower ticks. This report assesses the effect of decimal pricing on retail & institutional investors & on market intermediaries. Charts.
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