Stocks trading at strange increments

Discussion in 'Order Execution' started by jharmon, Jun 24, 2008.

  1. jharmon

    jharmon

    I've noticed a few strange things going on with some stocks, in that they are sometimes quoted to 3 or 4 decimal places even though they trade in pennies.

    For example, on 6/23 here's a few data points that seem strange:
    NYSE:NFG: Open: 58.045
    NYSE:DAI: Open: 67.5514

    AMEX:pBE: High 17.564
    NYSE:CCK: High: 27.5575

    AMEX:XLB: Low: 43.1801
    AMEX:XLV: Low: 30.209

    NASDAQ:IFGL: Close: 38.821
    NASDAQ:NGA: Close: 8.852
    NYSE: F (PR S): Close: 29.765

    It seems that most web sites (yahoo, google finance etc.) round or truncate this date to two decimal places though...

    It's different securities every day that exhibit this issue, so doesn't seem limited to certain securities.

    Can anyone explain how/why these securities are trading at different increments to the rest of the market?