No more sub-pennies in Canada.

Discussion in 'Prop Firms' started by Don Bright, Apr 18, 2012.

  1. http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=87C6C1534636405FB1AE5F5C4363678C&Language=en

    "Meaningful price improvement – In order to trade with a dark order, smaller orders must receive a minimum level of price improvement, which is defined as one trading increment or half a trading increment for securities with a bid-ask spread of one trading increment;"

    Evidently no more sub-pennies in Canada. This "may" impact some of the Canadian firms. Looking for any input from you Canadian guys.

    I hope this does well, and that our regulators will follow suit. Seems like pennies or half pennies are small enough increments, IMO.

    Don
     
  2. USA follow? hmm
     
  3. gaj

    gaj

    i like sub-pennies on under dollar stocks.

    i'm not thrilled with it on the above dollar stocks, and if given a choice, would prefer it was gone on those. the .001 price improvement is kind of worthless.

    however, what really gets me annoyed on the sub-pennying above dollar stocks is that it's not available to everyone. if .001 is an improvement, then give me the opportunity to go .004, for example - isn't that even *more* price improvement?
     
  4. That's the point. When we, as traders, are providers of liquidity, why should we be handcuffed because another group can slip in with a .00001 better price? Mid point is fine, in fact it's all fine, IF we, as professional traders, can do the same thing.

    Don