Article: US brokerages lobby wants halt to subpenny trading

Discussion in 'Trading' started by fast, Nov 26, 2001.

  1. fast


    US brokerages lobby wants halt to subpenny trading

    11/23/2001 5:45:00 PM
    By Kevin Drawbaugh

    WASHINGTON, Nov 23 (Reuters) - Trading in stocks at price increments under a penny is a bad idea and should be scrapped, said the leading U.S. securities industry group on Friday.

    While some argue that subpenny trading can save investors money, the Securities Industry Association called for an end to the practice it labeled confusing and damaging to markets.

    Full article:}&siteid=mktw
  2. sounds good to me.. in fact, it wouldnt hurt my feelings if they would go to nickel increments..

  3. Turok


    I think we should go to fractions -- anyone know if that's been tried?

  4. When the institutions are hurting (and they ARE hurting with decimals ... NITE's profits, for example have tanked), the SEC listens ... this is a RARE case where our interests are aligned with the institutions... we could ALL do with larger price increments... it will make scalping a whole lot easier and will also prevent queue jumping for fills.
  5. I personally love pennys. I would hate anything that takes away from my ability to become the inside market. I hate people leaning on me, but that's what a market is about.
  6. Magna

    Magna Administrator

    I don't mind pennies, really wouldn't mind a return to .05 (the old 1/16 = .06), but this sub-pennies crap has got to go.
  7. vikana

    vikana Moderator

    fine with me. I trade QQQ's quite a bit and find the .001 offsets irritating to work around. Actually, for stocks over say $25, I'd support 5 cent increments.
  8. Josh_B


    Yes, I wouldn't mind if it goes back to .05 increments for all Nyse stocks. Even to .10 for the higher priced ones.. easier to keep track of specialist's levels.

    Fractions were great.

  9. I've been pennied to death already. Is it possible to be sub-pennied to death?:confused: